Overseas Trading: Surging Yen Sinks Japan Stocks

Asian stocks tumbled amid a low-volume session, as the yen hit another high against the U.S. dollar

May 2, 2016 at 8:48 AM

Asian markets finished lower today amid a low-volume session, as markets in China and Hong Kong were closed for public holiday. Japan's Nikkei, for instance, fell 3.1%, as last week's surprise decision from the Bank of Japan (BoJ) sent the yen surging to an 18-month high against the U.S. dollar. What's more, the U.S. Treasury Department put the country on its currency market watch list. South Korea's Kospi slumped in sympathy, giving up 0.8%.

London's markets are also closed today in observance of May Day. Stocks in Europe are otherwise pointed higher at midday, even after Markit said its purchasing managers index (PMI) signaled "anemic" manufacturing growth in the eurozone. Meanwhile, automakers are enjoying significant gains today after new car registrations in France jumped, while a U.S. Food and Drug Administration nod is giving German drugmaker Bayer AG a big lift. The German DAX was last seen up 1%, while the France CAC 40 is 0.6% higher.

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