Nikkei extends losses as exporters and banks sink

Nikkei extended losses as Brexit worries and the resulting strength in the Yen is weighing over exporter issues and banking shares.

At the time of writing, the index was trading 3% or 463 points lower at 15,206 levels. Sterling’s slide to lowest level since June 1985 in Asia has spooked investors and triggered a flight to safety.

The resulting rally in Yen is weakened exporters issues, mostly carmakers. Toyota Motor Corp and Honda Motor Co., declined 3.0% and 5.9%, respectively. Meanwhile, shares in Mitsubishi UFJ Financial Group slipped 4.1% and Sumitomo Mitsui Financial Group fell 2.8%.

The broader Topix dropped 2.6% to 1,223.80.