TOKYO: Japan’s Nikkei share average fell on Monday from a one-week high in the previous session, pressured by a rapid appreciation in the yen after Tokyo and Washington confirmed they had carried out a rare joint currency intervention late last week.
The Nikkei fell nearly 1 percent to close at 63,754.90, while the broader Topix lost 1.1 percent to 3,960.03. Of the Nikkei’s 225 components, 169 fell versus 52 that rose and four that ended flat.
The yen gained as much as 1.4 percent to a nearly three-month high of 155.20 per US dollar, adding to a 3.8 percent surge over the previous two sessions. A stronger yen reduces the value of overseas revenue for Japan’s many heavyweight exporters.
Japan and the United States conducted coordinated yen-buying intervention and will not hesitate to take further action, Japan’s finance ministry said. The yen had been hovering around a 40-year trough against the dollar late last month.
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