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Market Update: Japanese Shares Plunge 3.3%
The NIKKEI 225 fell 953.15 points or 3.29% to 28010.93 on Monday, extending declines of 0.64% last week and trading at 4-week lows as investor sentiment soured after the US Federal Reserve’s hawkish pivot last week increased market worries about an early tapering of its accommodative policies. Locally, the BoJ maintained its massive monetary stimulus last week in order to support the country’s economic recovery, while extending a deadline for asset-buying and loan programmes introduced last year to channel funds to pandemic-hit firms. Policymakers also unveiled a plan to boost funding for fighting climate change in a surprise move. Local 10-year bond yields were at 0.06% while US 10-year rates lifted to 1.426%. Meantime, the Japanese government decided Thursday to end the COVID-19 state of emergency covering Tokyo, Hokkaido, Osaka and six other prefectures Sunday, while keeping Okinawa under the measure for three more weeks. [/s2If]
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