TOKYO: Tokyo shares fell on Friday morning as a stronger yen hit the outlook for Japanese exporters’ profits.
The market took a breather following a public holiday on Thursday and after global stocks rallied in response to the US and Japanese central banks’ decisions to keep their easy-money policies in place.
A pick up in the yen dented demand for shares of Japanese exporters – their profits slide when the currency is strong. “Even though globally the Fed’s decision to hold off from raising rates has been regarded as positive, the stronger yen is a source of concern for Japanese equities,” Takashi Ito, a strategist at Nomura Securities, told Bloomberg News.
This week, the Bank of Japan said that it would target boosting inflation and the Federal Reserve pressed on with policies that make cash cheap.
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