Overseas Trading: BoJ Decision Sends Japan Stocks Spiraling

The BoJ decided to stand pat on its current monetary policy

by Karee Venema

Published on Apr 28, 2016 at 8:41 AM
Updated on Apr 28, 2016 at 9:12 AM

Most Asian markets finished lower, after the Bank of Japan (BoJ) unexpectedly followed in the footsteps of the U.S. Federal Reserve, choosing to stand pat on its current monetary policy. Leading up to the decision, rumors were circling that the BoJ was flirting with additional easing measures. Japan's Nikkei put in the worst regional performance, shedding 3.6% -- its biggest one-day percentage drop since Feb. 12 -- as the yen soared against the U.S. dollar. Separately, a report showed consumer prices in Japan fell for the first time in five months in March.

Elsewhere, declining metal and steel stocks pressured China's Shanghai Composite to a 0.3% loss, while South Korea's Kospi gave back 0.7%. Hong Kong's Hang Seng outperformed, though, edging 0.1% higher.

European stocks are wallowing in red ink at midday, as stocks react to the BoJ's surprise decision and a fresh batch of corporate earnings reports. Meanwhile, on the economic front, the European Commission said its economic sentiment indicator rose by a wider-than-expected margin in April. At last check, the French CAC 40 is down 1.4%, the German DAX is off 1.2%, and London's FTSE 100 is 1.1% lower.

 overseas stocks April 28

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