Nikkei down over two pc on no BoJ buying, strong yen

TOKYO (AFP) – Tokyo’s benchmark Nikkei stock index closed down more than two per cent yesterday on a stronger yen and disappointment over a lack of asset-buying from the Bank of Japan.

The Nikkei 225 index dropped 2.33 per cent, or 455.10 points, to end at 19,043.40, while the broader Topix index lost 1.69 per cent, or 24.13 points, to 1,405.91.

Traders also appeared to shrug off a deal by major oil exporters to slash supply, putting an end to a spat between Russia and Saudi Arabia that sent crude prices tumbling.

Okasan Online Securities chief strategist Yoshihiro Ito said the Tokyo market was weighed down by a stronger yen and “receding expectations” of BoJ asset purchases.

The dollar traded at JPY107.92 in Asian trade against JPY108.37 in Tokyo late Friday. US markets were closed for a holiday on Friday.