Tokyo, Japan (BBN)-While most of Asia’s markets rose on Thursday, Japanese shares bucked the trend after the Federal Reserve’s comments sent the dollar tumbling against the yen.
The benchmark Nikkei 225 was down 0.9% to 19,377 points, reports BBC.
The dollar weakened after the Fed indicated that rates would rise more slowly over the next two years than it had forecast in December.
The dollar fell to 119.91 yen, from 121.37 yen in the previous session.
A stronger yen is negative for Japanese exporters as it makes them less competitive overseas and erodes their profits when repatriated.
Shares of Nintendo, which rose over 21% on Wednesday after news of its plan to move into smartphone games, continued to rally, up 10%.
In China, shares were mixed.
On the mainland, the Shanghai Composite was down 0.2% to 3,570.42 after rallying to hit its highest since May 2008 on Wednesday.
Hong Kong’s Hang Seng index was up 0.8% to 24,319.23.
Australian shares led the region’s gains with the S&P/ASX 200 index up 1.6% to 5,937.4.
Shares of gold miners like Newcrest Mining and Northern Star Resources surged up to 7% after gold prices rose to their highest level in nearly two weeks on the Fed’s outlook.
In South Korea, the benchmark Kospi index was up 0.2% to 2,032.07.
BBN/SK/AD-19Mar15-9:50am (BST)
Sunday, April 14, 2024
