The Nikkei dropped a remarkable 7.3% after weeks of record-setting days. Two days ago the Bank of Japan said the Japanese economy was “picking up.” Now, suddenly there will be grave doubts about the plans of BOJ Governor Haruhiko Kuroda and Prime Minister Shinzo Abe, whose policies have been considered the start of a revival after more than a decade of trouble.
Japanese shares suffered their worst losses in more than two years on Thursday after data showing an unexpected contraction in Chinese manufacturing activity added to worries the Federal Reserve could downscale its bond purchases.
And:
The slump came after a surge in Japanese government bond yields, which forced the Bank of Japan to offer 2 trillion yen ($19 billion) in funds to calm investor nerves. The central bank announced the fund-supplying operation after 10-year JGB yields soared to their highest level in more than a year, citing “the unreasonable increase” in volatility.
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