Japan Stocks Fall First Time in Four Days on Brexit Vote Jitters

Japanese shares headed for their first decline in four days on thin volumes ahead of the U.K. vote on whether to stay in the European Union.

The Topix slid 1.1 percent to 1,279.62 at the trading break in Tokyo, paring a three-day rally. All but one of the 33 industry groups dropped on volumes 20 percent below the 30-day intraday average. The Nikkei 225 Stock Average lost 1 percent to 16,002.60.

Investors remain jittery ahead of Thursday’s U.K. referendum amid concern a vote to leave the EU could destabilize the global economy and push investors into haven assets such as the yen. While most polls are still split on the outcome, betting shops put the probability of a Brexit at about 26 percent, near the lowest level this month.

Source: Bloomberg

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Asian Stocks Post First Advance This Week on Stimulus Outlook

Asian stocks climbed for the first day this week amid speculation central banks will provide additional stimulus to bolster global economic growth.

The MSCI Asia Pacific Index gained 0.5 percent to 125.57 as of 8:01 p.m. in Hong Kong, halting three days of losses. U.S. shares rebounded with crude oil on Wednesday ahead of Thursday’s European Central Bank meeting that may provide more insight on the potential for further steps to loosen policy and the trajectory of interest rates. The Reserve Bank of New Zealand unexpectedly cut interest rates to a fresh record low and signaled further easing may be needed, saying it’s concerned by a slump in inflation expectations.

Source: Bloomberg

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