Nikkei tumbles to more than 4-month low as Brexit looms

By: | Published: June 24, 2016 11:03 AM

Japanese stocks tumbled to more than a four-month low on Friday as voting returns suggested Britain has opted to leave the European Union.

nikkeiA sharp surge in the yen added to downward pressure on the Nikkei as investors sought safe havens. (Reuters)

Japanese stocks tumbled to more than a four-month low on Friday as voting returns suggested Britain has opted to leave the European Union.

The Nikkei dived as much as 8.3 percent to 14,890.56 points, the lowest since February. At 0415 GMT, the Nikkei was down 7.2 percent to 15,069.62.

A sharp surge in the yen added to downward pressure on the Nikkei as investors sought safe havens.

ALSO READ: Nikkei drops on profit-taking, investors jumpy before Brexit vote

The greenback dropped to 99.00 yen, a fall of 6.7 percent, the first time it fell below the 100 mark since late 2013. It later edged back to 101.50 yen.

Trading was briefly halted for Japan’s Nikkei futures, the first time since May 23, 2013, when then Fed Chairman Ben Bernanke stunned the market by hinting a possibility that Fed purchases would be scaled back.

The broader Topix dropped 6.8 percent to 1,210.41 and the JPX-Nikkei Index 400 declined 6.9 percent to 10,920.67.

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