26-Aug-2025      16:03

Japanese markets fall sharply

Japanese markets fell sharply while the yen gained ground on Fed independence fears after Trump took the unprecedented action of removing Federal Reserve Governor Lisa Cook following allegations that she falsified mortgage documents.

The Nikkei average closed 0.97 percent lower at 42,394.40, snapping a two-session winning run and hitting its lowest close since August 8.

The broader Topix index slipped 1.08 percent to 3,071.99. Toyota Motor gave up 1.4 percent and Honda Motor fell 1.7 percent.

Nissan Motor tumbled 6.3 percent after it has fallen out of the world's top 10 automakers by sales for the first time, according to Nikkei Asia.

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