Japanese equities fell sharply on Monday, retreating from the previous session's one-week high as a rapid appreciation in the yen weighed on export-oriented stocks. The stronger Japanese currency came after Tokyo and Washington confirmed they had carried out a rare joint currency intervention to support the yen, according to Reuters.
The benchmark Nikkei 225 dropped 2.2% to 62,956.48 in early trading, while the broader Topix index declined 2.8% to 3,893.17. Market weakness was widespread, with 212 of the Nikkei's 225 constituent stocks trading lower and only 13 posting gains.
