Tokyo, Japan (BBN)-Japan’s shares were down on Tuesday as the yen continued to hold strong against the US dollar.
Japan’s Nikkei 225 was down 0.12 per cent at 18,895.01 points, reports BBC.
A strong yen against the dollar is not good for Japan’s big exporters as it makes their products more expensive to buy overseas.
Toshiba shares were down more than 7 per cent on Tuesday after sinking 10 per cent on Monday ahead of an expected announcement about job cuts.
After Japan’s stock market closed on Monday, the electronics giant said it would cut 6,800 jobs at its consumer electronics division.
The numbers were worse than expected.
It also said it would report a record annual loss of 550bn yen ($4.53bn) and that more jobs would be lost from other sectors.
Also adding to investor worries, oil prices have fallen to levels not seen since 2004.
Brent crude sank to $36.05 a barrel – its weakest since July 2004 – before recovering slightly.
Oil prices have fallen sharply since last year, when they reached $115 per barrel, because of global oversupply on the market.
In Australia, the S&P/ASX 200 index was higher, up 0.21 per cent at 5,119.70 in mid morning trade.
Iron ore prices rose again overnight – to $40.46 a tonne.
The commodity is Australia’s biggest export.
In China, the Shanghai Composite was flat, down just 0.02 per cent at 3,641.65, with Hong Kong’s Hang Seng also little changed, up just 0.01 per cent at 21,798.22.
South Korea’s benchmark Kospi index was down 0.24 per cent at 1,975.96.