Japan stocks tumble on stronger yen

Japanese share market suffered losses for second straight day on Tuesday, 09 June 2015, as risk aversion selloff triggered on tracking a negative lead from Wall Street overnight and yen appreciation against the greenback. The Nikkei Stock Average declined 360.89 points, or 1.76%, to end at 20096.30. The Topix index of all Tokyo Stock Exchange First Section issues decreased 1.66%, or 27.62 points, to close at 1634.37.

The US dollar declined against major currency baskets after reports that US authorities were uncomfortable with their strong currency. The news reports cited U.S. President Barack Obama, who was in Germany for the Group of Seven summit, as saying the strong dollar was a problem. A White House statement denied the message, and Mr. Obama himself denied the report later. Some US officials including from the Federal Reserve have in the past few months raised concerns about a strong currency impacting growth and exports. The dollar managed to fall by a full yen to 124.66 yen, losing hold of the 125 yen level.

 

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