TOKYO: Japan’s Nikkei share average fell to a two-week low on Tuesday, as the yen strengthened after US President Donald Trump said he would fire Federal Reserve Governor Lisa Cook.
As of 0049 GMT, the Nikkei dropped 1.4% to 42,215.57, hitting its lowest level since August 12. The broader Topix slipped 1.19% to 3,068.57.
The yen rose about 0.4% to 147 yen against the US dollar after Trump took the unprecedented action of firing Lisa Cook, the first African-American woman to serve as a Federal Reserve governor, over claims of mortgage borrowing impropriety.
Toyota Motor and Honda Motor slipped 1.26% and 2.12%, respectively.
A stronger yen typically weighs on exporters’ shares by reducing the value of overseas earnings when converted back into Japanese currency.
Uniqlo brand owner Fast Retailing lost 2%, and chip-related heavyweights Advantest and Tokyo Electron lost 1.15% and 0.3%, respectively.
Comments
Comments are closed for this article.