Asia Stocks Tumble as Brexit Concern Spurs Move to Safety Assets
- MSCI Asia Pacific Index heads for biggest drop since April
- Topix sinks most in four months as yen jumps on haven demand
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Stocks sank from Japan to China, with Asia’s benchmark index poised for its biggest decline since April, as uncertainty ahead of central bank meetings and a vote on the U.K. leaving the European Union boosted demand for haven assets.
Benchmark indexes in Tokyo and Shanghai tumbled more than 3 percent for the biggest declines since February. The MSCI Asia Pacific Index slumped 2 percent to 127.51 as of 4:05 p.m. in Hong Kong as historical 10-day price swings jumped to an April high. Volatility is surging as investors grow cautious before meetings of the Federal Reserve and Bank of Japan this week, followed by next week’s vote on Britain’s membership in the European Union, which could roil markets.