Nikkei slips on strong Yen and fiscal constraints
|Japanese equity suffered losses today as the Japanese Yen strengthened on Brexit led risk-off in the markets and on concerns the government has little room left for implementing more fiscal stimulus.
At the time of writing, the benchmark index Nikkei was down 1.5% or 236 points at 15,072 levels. Strength in Yen weighed over exporter issues. Meanwhile, huge debt and the lower-than-expected tax receipts for the fiscal year ended March means the government will have a tough time coming up with more fiscal stimulus.
Major losers included names like Asahi Glass, Mazda Motor Corp., Daiwa Securities Group, and Canon Inc. On the other hand, winning side included Softbank Corp., Kirin Holdings.
Us equities tumbled again on Monday on post Brexit political uncertainty in the UK and across Europe.
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