Japanese bank stocks are off their charts, after yen slump

Japan’s Nikkei stock index has hit a three-month low, wiping out much of its gains.

The Nikkeis index closed down 2.9 percent in Tokyo.

The index was down 1.5 percent on Thursday.

Japan’s economy shrank 0.9 percentage points in the first quarter, the worst performance in the region.

The country’s gross domestic product grew at a faster pace in the quarter than the previous quarter.

A Japanese government report showed the country grew at just 1.9 per cent in the three months to June.

The government said that economic growth is forecast to grow at just 0.5 per cent this year and 0.4 per cent next year.