Tokyo stocks extend losses after BOJ keeps ultralow rate policy

Tokyo stocks extended their losses Friday afternoon, as the Bank of Japan's decision to keep its ultralow rate policy spurred the selling of bank shares by investors who had hoped for another policy tweak.

The 225-issue Nikkei Stock Average was 477.08 points, or 1.67 percent, lower at 28,146.07 at 2 p.m. The broader Topix index was 37.12 points, or 1.79 percent, higher at 2,033.97.

The U.S. dollar briefly surged by around 1 yen to the upper 136 yen range after investors sold the yen following the outcome of the BOJ's decision to maintain its ultralow interest rates.

At 2 p.m., the dollar was trading at 136.57-60 yen compared with 136.07-17 yen in New York and 136.83-85 yen in Tokyo at 5 p.m. Thursday.

© Kyodo News