Tuesday, 24 May 2016

Nikkei Slides on yen Worries as Investors brace for U.S. Data

Japanese stocks fell in thin trade on Tuesday morning as the yen's gains on the dollar overnight and indications Tokyo is reluctant to intervene to weaken the currency soured the mood, taking a toll on exporters and other currency-sensitive shares.

The Nikkei share average .N225 slid 0.7 percent to 16,540.52 in late morning trade.

Risk-appetite was further weakened by receding expectations that Japan can act to weaken its currency after a fresh warning from the United States last week against intervention.

That sentiment was reinforced by comments from Japanese Finance Minister Taro Aso, who said on Tuesday that Japan has no intention to devalue the yen sharply and consistently.

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