Japanese shares tumble as crude oil extends slide

martes 2 de febrero de 2016 22:51 GYT
 

* BOJ-inspired rally offset by fading hopes of more support steps

* Stronger yen undermines shares of exporters

TOKYO Feb 3 (Reuters) - Japanese shares tumbled on Wednesday, as crude oil futures extended their recent decline and a stronger yen undermined shares of exporters.

The Nikkei stock index skidded 3.1 percent in morning trade, pulling further away from a three-week high touched on Monday.

The broader Topix and the JPX-Nikkei Index 400 both fell 3.3 percent.

"Almost every name in the N225 is down today, indicating a consensus from participants that it is time to sell," said Hiroki Allen, chief representative of Superfund Securities Japan.

The downturn also reflects fading expectations that the Bank of Japan take supportive steps after its decision to introduce negative interest rates late last week, he said.

"BOJ intervention is not likely after the negative interest rate announcement, so sellers do not expect a reversal in the declining trend," Allen said.

The BOJ's move led to two sessions of strong gains for shares, as it occurred in tandem with a short-lived recovery in crude oil prices. But fears of a global oil supply glut gained the upper hand, kindled by forecasts of milder U.S. weather, higher inventories and Iran's plans to boost exports from March.   Continuación...