Tokyo: Nikkei down over 2% on no BOJ buying, strong yen

[TOKYO] Tokyo's benchmark Nikkei stock index closed down more than two per cent Monday on a stronger yen and disappointment over a lack of asset-buying from the Bank of Japan.

The Nikkei 225 index dropped 2.33 per cent, or 455.10 points, to end at 19,043.40, while the broader Topix index lost 1.69 per cent, or 24.13 points, to 1,405.91.

Traders also appeared to shrug off a deal by major oil exporters to slash supply, putting an end to a spat between Russia and Saudi Arabia that sent crude prices tumbling.

Okasan Online Securities chief strategist Yoshihiro Ito said the Tokyo market was weighed down by a stronger yen and "receding expectations" of BoJ asset purchases.

Some blue-chip exporters were lower, with parts maker Murata Manufacturing falling 2.79 per cent to 5,594 yen (S$73.44).

Sony lost 2.44 per cent to 6,507 yen while Uniqlo casual wear operator and market heavyweight Fast Retailing dropped 3.81 per cent to 46,350 yen.

Telecom and investment giant SoftBank Group fell 3.38 per cent to 4,200 yen.

AFP