TOKYO:
Tokyo stocks opened 1.17 percent lower on Wednesday after the yen soared
on fading hopes for near-term monetary easing by the Bank of Japan.
The Nikkei 225 index was down 170.83 points at 14,436.05 at the start. "The yen´s rise is a big negative for exporters and financials," SMBC Nikko Securities general manager of equities Hiroichi Nishi said as he predicted a bearish market Wednesday.
The yen gathered momentum on Tuesday after the Bank of Japan (BoJ) held off further monetary easing measures as it wrapped up a policy meeting.
BoJ governor Haruhiko Kuroda told a post-meeting press conference that no new stimulus was needed at this time.
The dollar was at 101.89 yen early Wednesday, up from 101.75 yen in New York Tuesday afternoon but steeply down from 102.56 yen in Tokyo earlier Tuesday.
The euro bought 140.55 yen and $1.3792 on Wednesday, compared with 140.44 yen and $1.3797 in New York where the common unit fell after the International Monetary Fund urged the European Central Bank to take action to head off deflation.
US stocks rallied on Tuesday with the recently battered tech-rich Nasdaq Composite Index jumping 0.81 percent to 4,112.99.
The Dow Jones industrial Average advanced 0.06 percent to 16,256.14.
The Nikkei 225 index was down 170.83 points at 14,436.05 at the start. "The yen´s rise is a big negative for exporters and financials," SMBC Nikko Securities general manager of equities Hiroichi Nishi said as he predicted a bearish market Wednesday.
The yen gathered momentum on Tuesday after the Bank of Japan (BoJ) held off further monetary easing measures as it wrapped up a policy meeting.
BoJ governor Haruhiko Kuroda told a post-meeting press conference that no new stimulus was needed at this time.
The dollar was at 101.89 yen early Wednesday, up from 101.75 yen in New York Tuesday afternoon but steeply down from 102.56 yen in Tokyo earlier Tuesday.
The euro bought 140.55 yen and $1.3792 on Wednesday, compared with 140.44 yen and $1.3797 in New York where the common unit fell after the International Monetary Fund urged the European Central Bank to take action to head off deflation.
US stocks rallied on Tuesday with the recently battered tech-rich Nasdaq Composite Index jumping 0.81 percent to 4,112.99.
The Dow Jones industrial Average advanced 0.06 percent to 16,256.14.
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