Pursuits
Japan Shares Rebound After Brexit Spurs Biggest Rout Since 2011
- Defensives rise, with papermakers leading gains on Topix
- Exporter stocks continue to slide as yen resumes advance
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Japanese shares rebounded from their worst drop since the aftermath of the 2011 earthquake, led by defensive stocks, as Prime Minister Shinzo Abe issued instructions to calm markets following the U.K.’s shock decision to leave the European Union.
The Topix index added 1.8 percent to 1,225.76 at the close in Tokyo, with papermakers, railway companies and drugmakers posting the largest advances. The gauge plunged 7.3 percent on Friday, its biggest single-day drop since it tumbled 9.5 percent on March 15, 2011. The British pound resumed its decline after the Japanese currency posted its biggest gain on Friday since the depths of the Asian financial crisis.