"Spooked by worries over Brexit and the global economy , investors flocked to the safe-haven yen. "When U.S. shares were rising, we thought risk sentiment seemed to have settled but we are bracing for deeper uncertainty now. The Nikkei benchmark staged a six-day rally through Monday, but the index still remains below where it traded before the vote.All of the Topix's 33 subsectors in negative territory. "We are very, very cautious," said Isao Kubo, equity strategist at Nissay Asset Management. The dollar dropped 1.1 percent to 100.62 yen, battering exporters such as Toyota Motor Corp and Honda Motor Co, which declined 3.0 percent and 5.9 percent, respectively.Banks extended drops, with Mitsubishi UFJ Financial Group slipping 4.1 percent and Sumitomo Mitsui Financial Group sliding 2.8 percent.Brokerage stocks also took a hit, with Nomura Holdings diving 5.0 percent and Daiwa Securities Group tumbling 4.3 percent.The broader Topix dropped 2.6 percent to 1,223.80 and the JPX-Nikkei Index 400 stumbled 2.7 percent.

Source: Economic Times July 06, 2016 03:26 UTC