Japan shares recover ground after post-Brexit historic plunge

Japan shares recover ground after post-Brexit historic plunge
June 27, 2016 - 12:08 AMT

PanARMENIAN.Net - Japanese shares have managed to recover some ground after their historic plunge last Friday, June 24 following the UK's vote to leave the European Union, BBC News reports.

Traders have taken some confidence from a pledge by the Japanese government to stabilise the financial markets.

The Nikkei closed 2.4% up at 15,309.21 after losing almost 8% on Friday.

The yen, though, remains strong at 101.8 to the dollar. This hurts Japan's exporting firms by making their goods more expensive on world markets.

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The yen has gained ground because it is considered a haven currency, a status which has been bolstered by the continued decline of the pound.

The pound continued to slide in trading in Asia on Monday, adding to Friday's record one-day decline.

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BBC. Japan shares recover after Friday's post-Brexit bout
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