Nikkei slides 2.1% to three-week low

BOJ governor raises doubts over whether the central bank will ease its policy stance anytime soon

Japanese stocks stumbled 2.1% to a three-week low on Wednesday after the Bank of Japan Governor Haruhiko Kuroda raised doubts over whether the central bank will ease its policy stance anytime soon, sending the yen higher.

The benchmark Nikkei extended its losing streak to a fourth day to close at 14,299.69, dropping 307.19 points in the biggest fall since March 14. The index shed more than 5% in the last four sessions and down 12.2% this year.

The slide was triggered after Kuroda on Tuesday offered few signs the central bank was ready to launch additional stimulus in the short term.

Real estate and financial plays, which have benefited from the government's reflationary policy, as well as currency-sensitive exporters experienced a broad sell-off, with all of the Topix's 33 sectors sinking.

The broader Topix fell 2.1% to 1,150.44 in moderate trade, with 2.33 billion shares changing hands.

The JPX-Nikkei Index 400, a recently introduced gauge comprised of companies with a high return on equity and robust corporate governance, dropped 2% to 10,467.88.