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Tokyo stocks drop on yen's appreciation

0 Comment(s)Print E-mail Xinhua, February 20, 2025
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TOKYO, Feb. 20 (Xinhua) -- Tokyo stocks ended lower on Thursday as the Japanese yen's appreciation to around a two-month high led to sell-offs of exporter issues.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 486.57 points, or 1.24 percent, from Wednesday at 38,678.04.

The broader Topix index, finished 32.65 points, or 1.18 percent, lower at 2,734.60.

Japan's currency appreciated to 149.92 versus the U.S. dollar at one point, a high since Dec. 9, amid growing speculation that the Bank of Japan (BOJ) might hike interest rates at the next policy meeting as stronger-than-expected GDP data earlier this week pushed Japan's benchmark 10-year government bond yield to its highest level since 2009.

The Nikkei briefly lost nearly 700 points, as the yen's advance dragged on exporters, while sentiment continued to deteriorate over U.S. President Donald Trump's threat of 25 percent tariffs on automobiles, semiconductors and pharmaceuticals, giving the impression that Japanese stocks can no longer keep up with the U.S. market, analysts said. Enditem

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