Japanese stocks continued to decline and the yen remained strong for another day as the world processed a sudden and unexpected upending of the global trade order.
The 225-issue Nikkei stock average fell 2.75% on Friday — following a 2.77% loss the previous day — slipping below the 34,000 level for the first time since August last year. The benchmark index had been moving between 38,000 to 39,000 up until February, but has lost more than 10% since then.
Global financial markets have been rattled by sweeping tariffs announced Wednesday in Washington by U.S. President Donald Trump, in which new duties were placed on nearly every country, with some hit particularly hard.
