Nikkei Tumbles to 6-Week Low on Italian Crisis; BOJ's ETF Buying Expected
Wednesday, 30 May 2018 10:24 WIB | MARKET UPDATE |Nikkei 225Saham JepangIndeksTopix

Japan™s Nikkei share average tumbled to six-week lows on Wednesday morning after political turmoil in Italy sparked concerns about the stability of the euro zone, hurting most sectors on the board.

Traders said they expected the Bank of Japan to buy exchange-traded funds to support the market amid the morning weakness. The BOJ had bought ETFs for five straight sessions up until Tuesday as part of its wider policy of supporting asset prices in the economy.

The Nikkei dropped 1.4 percent to 22,043.53 in midmorning trade while after falling to a six-week low of 21,931.65. The broader Topix dropped 1.6 percent to 1,734.08. The Nikkei managed to stay above its 75-day moving average of 21,920.77, which has become the index™s immediate support level.

Source : Reuters

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