The Japanese yen weakened to the 141 area against the dollar for the first time in 24 years on Tuesday afternoon in Tokyo, as investors bought the US currency on continued expectations of higher interest rates in the states -United.
The yen quickly depreciated on the expectation that the US Federal Reserve will continue its aggressive interest rate hikes to calm the economy, widening interest rate differentials between Japan and the US.
Shares in Tokyo ended nearly flat, buoyed by some exporters buying on a weaker yen, but trading was limited due to fewer market participants after a U.S. holiday on Monday.
The 225-number Nikkei Stock Average ended up 6.9 points, or 0.02%, from Monday at 27,626.51. The broader Topix index ended 2.21 points, or 0.11%, lower at 1,926.58.
In the top-tier core market, winners were led by precision instruments, medical equipment, and iron & steel issues, while shipping, services, and air transportation issues were among major declines.
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