TOKYO–Japanese stocks closed sharply lower Tuesday, hitting a 16-month low on concerns about the ongoing strength of the yen.
The Nikkei shed 3.55 percent, or 325 points, to close at 8824.06. Investors shrugged off the Japanese government’s latest batch of stimulus measures, which were announced Monday. The market is eagerly expecting Japan to intervene and curb the strength of the yen, which is hammering Japan’s export-driven economy.
The yen continued to gain ground against both the dollar and the euro. On Tuesday, the yen was trading at around 84.31 to the dollar and 106.9 to the euro.
Some of the biggest losers in retail were Fat Retailing Co. Ltd. and Takashimaya. They each shed around 4.1 percent of their value.