Japan Shares Drop Amid Concern Over Stronger Yen Following Fed
- Fed holds off from raising interest rates, changes 2017 view
- Stocks surged Wednesday on the BOJ decision ahead of holiday
Japanese shares fell from their highest level since June amid growing concern over profits at the nation’s exporters, after the yen rose as the Federal Reserve held off on raising interest rates.
The Topix index declined 0.2 percent at the close in Tokyo on Friday, trimming an earlier drop of as much as 0.8 percent. Japan stocks resumed trading after a holiday on Thursday, when global equities rallied after the Fed scaled back expectations for interest-rate increases. The yen jumped 1.4 percent against the dollar on Wednesday before paring gains. The Japanese equity measure had closed at its highest level since the start of June on Wednesday as financial shares rallied after the Bank of Japan refrained from making deeper cuts to negative interest rates.