Tokyo stocks hit by a perfect storm of tariffs, politics and budget worries

Japan's Nikkei 225 has traded below its peak for more than a year, hit first by the trade war, then by political instability and increasingly by fiscal concerns. The index is down 3.87% on the year and more than 6% off its record of 42,426.77, reached on July 11, 2024. Over the same period, indexes in the U.S., Germany and South Korea have been at or near records.