Japan’s Topix Index Wipes Out This Year’s Advance on Yen Surge

Japan’s Topix index slumped, wiping out this year’s advance, after the yen climbed to its highest since March last year on global trade concerns and political uncertainty, Bloomberg News reported. The benchmark measure fell 1.2% Tuesday, resuming trade after a three-day weekend. It is down 0.5% year-to-date and one of the worst performers among the 24 developed markets tracked by Bloomberg. The yen maintained gains after rising 1.1% against the dollar over the past four sessions and is trading around 105.28 to the dollar. The Nikkei 225 Stock Average lost 1.1% Tuesday and is still up 2.2% so far this year. President Donald Trump said that talks with China planned for next month could be called off after the trade war escalated in recent days. Read more