Topix Heads for Monthly Drop as Yen Gains Weigh on Shares
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The world’s best-performing major equity market this year entered a correction as Japan’s Nikkei 225 Stock Average plunged more than 5 percent today.
All but two stocks dropped on the benchmark, which slid 5.2 percent to close at 13,589.03. The sell-off accelerated as the yen strengthened toward 100 to the dollar. Volatility on the Nikkei 225 climbed for the first time in five days to near a two-year high. The broader Topix index lost 3.8 percent, ending the day 11 percent below a five-year high reached on May 22. A correction is defined as a decline of more than 10 percent from a recent peak.