Asian stocks go down on Brexit fears
On Monday, shares in Japan went down, following worries regarding a probable Britain’s exit from the EU. It made investors look for safer assents, thus bringing the Japanese yen higher, while bond yields edged down.
The Nikkei Stock Average tumbled 2.8%. The index definitely led losses in Asia. By the way, this benchmark has lost up to 15% since the beginning of 2016.
Some financial analysts state that the given dip in Japanese shares reflects a probable outcome of the British referendum. According to recent polls, the country’s campaign to leave the block is gaining momentum.
Apart from Japan, Asian markets suffered abrupt losses as too. For instance, the Hang Seng Index lost d 2.4%, Korean Kospi slumped 1.5%, while the Shanghai Composite Index lacked 0.7%. As for financial markets of Australia, they were unavailable because of a holiday.
However, Japanese stocks were taking the heaviest hit as traders piled into Japan’s currency, which is traditionally considered to be a reliable haven.