Tokyo Stocks Sink Following Reports That Shinzo Abe May Resign as Japan PM Over Health Issues
Tokyo stocks plunged more than two percent Friday after reports said Japanese Prime Minister Shizo Abe was set to resign owing to health reasons. The Nikkei 225 dropped 2 percent, or 486 points, to 22,721.
Tokyo, August 28: Tokyo stocks plunged more than two percent Friday after reports said Japanese Prime Minister Shizo Abe was set to resign owing to health reasons. The Nikkei 225 dropped 2.10 percent, or 486.99 points, to 22,721. According to reports, the reason why the markets slipped was because the news came as a surprise as traders weren’t expecting this to happen today,”
Yen, on the other hand, rose as much as 0.4 percent against the dollar to 106.11, rebounding from a loss. Shinzo Abe, Japanese Prime Minister, Has Expressed Intent to Step Down Due to Health Issues, Say Reports.
There are reports that Japanese Prime Minister Shinzo Abe is expected to resign over health issues. He is expected to make this announcement at a press conference today. Shinzo Abe reportedly wanted to avoid causing problems to the government due to his worsening health condition.
Speculation about Shinzo Abe's health and tenure had risen after he made two visits to a hospital recently. He has battled the chronic disease ulcerative colitis for years.
(The above story first appeared on LatestLY on Aug 28, 2020 12:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).