Japan Stocks Drop Most in Month on Yen Gain, US Election Worries
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Japanese stocks saw their biggest decline in more than four weeks on Friday after the yen strengthened against the dollar following Bank of Japan Governor Kazuo Ueda’s comments. Investors’ caution ahead of the US presidential election also weighed on the market.
The broader Topix Index closed 1.9% down at 2644.26 and the Nikkei 225 fell 2.6% to 38,053.67, with both indexes seeing their largest drop since Sept. 30. Automakers and tech companies, who rely heavily on exports, were among the biggest contributors to the Topix’s decline.