Japan Stocks Drop to Lowest Since February as BOJ Skips Stimulus
- Yen jumps after BOJ refrains from adding to monetary stimulus
- Fed leaves rates unchanged as Yellen cites Brexit concern
Yen Takes Off as BOJ Maintains Stimulus Policies
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Stocks in Tokyo slumped, with the benchmark equity gauge closing at its lowest level in four months, as the yen surged after the Bank of Japan disappointed investors by refraining from adding to stimulus.
The Topix index lost 2.8 percent to 1,241.56 at the close in Tokyo, the lowest since Feb. 12, after the yen touched its highest level since August 2014. All 33 groups on the equity gauge declined. The BOJ held its key interest rate at minus 0.1 percent and kept the annual target for expanding the monetary base at 80 trillion yen ($764 billion). About 28 percent of economists in a Bloomberg survey had forecast additional easing at this meeting.