Nikkei tumbles as safe-haven yen surges on Trump healthcare defeat

TOKYO, March 27 Japan’s Nikkei share average
skidded 1.4 percent on Monday, wallowing at a six-week low and
deepening last week’s 1.3 percent loss, on pressure from a
resurgent yen.

The dollar fell to its weakest level since November against
the safe-haven yen after the defeat of U.S. President Donald
Trump’s healthcare package on Friday, which raised concerns that
his promised stimulus could face similar political roadblocks.

The Nikkei ended at 18,985.59 points, plumbing to
its lowest level since Feb. 9 and losing 0.7 percent for the
month so far.

Shares in brokerage firms dropped in line with the broader
market downturn, with the Tokyo Stock Exchange’s securities
subindex down 3.2 percent.

The broader Topix was down 1.3 percent at 1,524.39
points, while the JPX-Nikkei Index 400 also shed 1.3
percent to 13,628.67 points.

(Reporting by Tokyo markets team; Editing by Eric Meijer and
Randy Fabi)

Source: Reuters

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