A more-than-yearlong rally in Japanese stocks, driven by the country’s depreciated currency, hit a wall at the end of the week.

       Japan’s Topix index, which includes companies that represent a broad swath of the Japanese economy, fell 6.1 percent on Friday, extending losses from the previous day. It was the index’s worst two-day performance since the 2011 earthquake and tsunami. The Nikkei 225 index fell 5.8 percent on Friday.

       Analysts noted a “state of panic” in Japanese markets after the Bank of Japan’s decision on Wednesday to raise interest rates for only the second time since 2007. Sentiment worsened on Friday over concerns about the health of the economy and the tech industry in the United States.

       Bank of Japan policy rate

       Source: FactSet, Bank of Japan

       By The New York Times

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