Japanese Stocks Drop as Exporters Fall on Strong Yen, Brexit Fears

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Japanese Stocks Drop as Exporters Fall on Strong Yen, Brexit Fears

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PT. Equityworld Futures – Japanese stocks headed for their lowest close in two months as growing concern over U.K.’s referendum over remaining in the European Union sent investors scrambling to haven assets including the yen.

The slump in Tokyo shares follows a global equity market decline on Friday after a newspaper poll showed the campaign for Britain to exit the E.U. took a 10 percentage-point lead less than two weeks before the country votes in a referendum. Investors are also avoiding risk ahead of central bank meetings in the U.S. and Japan later this week.

The Topix index slumped 2.7 percent to 1,295.41 at the break in Tokyo, on course for its lowest level since April 11. Just 55 shares rose while 1,860 fell. The Nikkei 225 Stock Average lost 2.6 percent to 16,168.48. The yen gained 0.7 percent to 106.21 per dollar.

Source: Bloomberg

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