Japan’s Nikkei fell to a five-week low on Monday as automakers and other manufacturers were hit by the U.S. Treasury Secretary’s comment that Washington wants provisions to deter currency manipulation in its foreign trade deals.
The Nikkei share average stumbled as much as 1.8 percent to 22,274.94 during morning trade, the lowest point since Sept. 10. It was down 1.4 percent at the midday break. The broader Topix dropped 1.0 percent to 1,684.72.
A strong yen cuts Japanese manufacturers’ competitiveness in the global market as well as profits made abroad when repatriated.
Source : Reuters