Nikkei slides as Bank of Japan disappoints markets; yen gains
The dollar plunged by 3% against yen on Friday after US GDP data was released.
Japan's Nikkei opened lower on Monday on the back of Bank of Japan disappointed markets with underwhelming tweaks to its stimulus steps on Friday and yen soared on weak US growth data, a Reuters report said.
Nikkei was flat at 16,578.09 points, up 0.05%, but slipped to 16,319.15 earlier in the session.
As per the report, the dollar plunged by 3% against yen on Friday after US GDP data was released.
The yen's appreciation was not a good news for the exporters.
On Friday BOJ disappointed market hopes that it might increase its heavy buying of government debt or lower already negative interest rates in order to end two decades of deflationary pressure, report said.
Lastly, the financial firms extended gains on Friday. Mitsubishi UFJ Financial Group rose 1.8% and Mizuho Financial Group surged 1.3%.
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