Japan Stocks Tumble After BOJ Holds Rates, Oil Prices Rise

Japanese stocks slumped for a third week, the longest losing streak since April, as oil prices surged following renewed attacks on energy infrastructure in the Middle East. The Bank of Japan kept interest rates on hold as expected at a policy meeting.

The Nikkei 225 Stock Average declined 3.4% Thursday to 53,372.53. The broader Topix index fell 2.9% to 3,609.40 as of 3:31 p.m. Tokyo time. Electric appliance makers and trading companies were the heaviest drags on the index. Japan’s stock market will be shut Friday for a national holiday.