Japan Stocks Tumble After BOJ Holds Off on Adding to Stimulus
- BOJ keeps bond and ETF buying, negative rates unchanged
- A slight majority of economists had expected further easing
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Shares in Tokyo tumbled, sending the Nikkei 225 Stock Average to its biggest loss since February, after the Bank of Japan maintained its monetary policy, confounding forecasts it would add to record stimulus.
The Topix index declined 3.2 percent to 1,340.55 at the close in Tokyo after the BOJ kept bond-buying, its negative interest rate and exchange-traded fund purchases unchanged. Volume on the Topix was about 48 percent higher than the 30-day average. Most economists surveyed by Bloomberg expected additional easing, with the stock gauge rising as much as 1.5 percent in the morning session. The Nikkei 225 retreated 3.6 percent to 16,666.05, its worst decline since Feb. 12. The yen surged 2.5 percent to 108.76 per dollar.