The U.S. dollar was holding broad-based gains in Asia on Tuesday in a boon for shares of Japanese exporters but a burden for oil, gold and stocks in the energy majors.
As the dollar finally broke to a six-year peak on the yen and a one-year top on the euro, Brent oil sank to 16-month lows while gold carved out a three-month trough.
A falling yen tends to be viewed as positive for Japanese exporters and corporate profits, and helped lift the Topix .TOPX 0.2 percent to 1,301. That was within a whisker of this year's peak at 1,308.08 and a break there would put it on ground last trod in July 2008. According to Nomura Securities, a fall of 1 yen against the dollar boosts aggregate operating profits at Topix firms by 300 billion yen.
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