Nikkei finds support in weak Yen, other Asian indices retreat
|The weak Yen/strong dollar story continues to support Japan’s Nikkei 225 index, although gains are marginal owing to caution ahead of US non-farm payrolls release.
Meanwhile, other major Asian indices are down, tracking the overnight losses on the Wall Street. Buying interest has been zapped by concerns the Fed may raise rates sooner than expected. The fear of an early rate hike was triggered by Yellen, who said the case for rate hike has strengthened.
US non-farm payrolls figure for August due for release tomorrow, if better-than-expected, could add fuel to the fire. No wonder the stock markets are down, while the greenback is flexing muscles against most majors.
At the time of writing, Japan’s Nikkei index was up 0.10% at 16908 levels. Hong Kong’s Hang Seng was up 0.23%. All other major indices – ASX 200, Kospi, IDX Composite, Shanghai Composite were trading in the red. In the FX markets, the Dollar-Yen pair was trading slightly weak, but overall looked solid above 103.00 levels.
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