TOKYO: Tokyo stocks ended lower on Wednesday, as a higher yen against the dollar weighed on the market. The benchmark Nikkei 225 index was down 0.26 percent, or 87.17 points, to end at 33,321.22, while the broader Topix index slipped 0.51 percent, or 12.21 points, to 2,364.50.
The dollar stood at 147.21 yen, against 147.50 yen in New York and 148.18 yen in Tokyo on Tuesday.
Overnight, US Federal Reserve Governor Christopher Waller said he was “encouraged” by recent progress on the economy and more confident that inflation was returning to the Fed’s desired level.
The comments, seen as fairly dovish, helped weaken the dollar against its major peers including the yen, analysts said.
The Tokyo market started lower “with investors spooked by the yen’s shift toward appreciation,” IwaiCosmo Securities said. But a subsequent pause on the yen’s strengthening “prompted traders to buy high-priced stocks, which is bolstering the market”, said Daiwa Securities.
Among major shares in Tokyo, SoftBank dropped 1.48 percent to 6,049 yen, Sony Group fell 0.70 percent to 12,735 yen and Uniqlo operator Fast Retailing slid 0.61 percent to 37,390 yen.
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