Japanese Stocks Enter Bear Market as Fed, BOJ Spark Concerns
- Topix falls 21 percent from January peak on economic worries
- Market expected some ‘sort of action’ from BOJ: Saison Asset
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Japanese stocks entered a bear market as the last policy statements of the year from the Federal Reserve and Bank of Japan added to mounting investor concerns.
The Topix index fell 2.5 percent, extending its decline after the BOJ kept its policy unchanged. Electronics makers and telecommunications stocks were the biggest drags on the benchmark gauge, which closed almost 21 percent below its January high.