Japan’s Bank Shares Plunge as Tariffs Hurt BOJ Rate Hike Outlook
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A measure of Japanese bank shares plunged more than 7%, the most since August, as worries about the impact of harsher-than-expected US tariffs on Japan’s economy fueled bets the central bank may pause rate hikes.
Banks were the heaviest drag on the Topix, which declined as much as 4.3% as investors turned risk-off following Donald Trump’s announcement of a 24% levy on Japan. Shares of Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. lost over 8% at one point.