Japanese stocks fall as yen’s strength weighs

Japanese stocks fell on Thursday, as the yen gained ground following the Bank of Japan’s historic monetary policy meeting yesterday, where the BOJ raised interest rates to levels not seen in 15 years and announced details on how it will scale back its massive bond purchases.

The yen rose to its highest level since mid-March at 148.51 yen per dollar on Tuesday on the BOJ’s decision.

The Nikkei average fell 2.49% to 38,126.33, while the broader Topix index fell 3.24% to 2,703.69, its worst daily performance since March 2020.