Japanese Stocks Tumble as BOJ Policy Surprise Boosts Yen
- Nikkei 225 slides 2.5%, most since Oct. 11, as yen surges
- Banks rally on prospects for earnings boost from higher rates
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Japanese stocks tumbled as the yen surged after the Bank of Japan surprised markets by doubling a cap on bond yields, signaling possible policy normalization by the central bank.
The blue-chip Nikkei 225 Stock Average plunged 2.5%, the most since Oct. 11, while the broader Topix slid 1.5%. The yen strengthened about 2.8% against the dollar.