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Stronger Japanese yen weighs on Nikkei

On Friday, Asian shares were mixed, with some markets looking for support amid easing concerns that major banks would raise interest rates soon.

Australian S&P/ASX 200 soared 0.6%, while South Korean Kospi inched up 0.1%, while Singapore’s Straits Times Index tumbled 0.2%.

In Japan, the Nikkei Stock Average slumped 0.1%, reacting to the yen’s strength on Thursday after the Fed made up its mind to keep rates intact. On Thursday, Japanese markets weren’t available for a holiday

Nevertheless, the yen retreated slightly against the greenback on Friday, on caution over a probable response from the Japanese government against the yen’s latest strength, after a gathering among top Japanese finance officials on Thursday.

Among major Japanese shares, exporters found themselves the bigger losers, with Honda Motor Co. dropping  2.6%, Toyota Motor Corp. descending 2.7%.

In financial stocks there was also some profit taking, after the BOJ introduced new measures that will help financial stocks.

 

 

 

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