Japanese Stocks Drop Most Since October as Exporters Fall on Yen
- Growing speculation of March BOJ rate hike boosts yen
- Stock moves suggest a lot riding on weak currency: Asymmetric
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Japanese equities slid the most since Oct. 4, with both benchmarks declining more than 2% as growing speculation the Bank of Japan will raise interest rates lifted the yen and hurt exporters.
The Topix closed 2.2% lower at 2,666.83 in Tokyo, with 31 of 33 sub-sectors dropping. The exporter-heavy Nikkei 225 declined 2.2% to 38,820.49, leading losses in Asia. Tech shares slumped, following US peers lower, as investors took profit from some of the top performers over the past year.