Japanese stocks fell as the yen strengthened after Federal Reserve Chair Jerome Powell signaled the US central bank will begin cutting interest rates in September. Exporters including electric appliance makers led declines.
Topix Index fell 0.9% to 2,661.41 as of market close Tokyo time.
Nikkei declined 0.7% to 38,110.22.
Toyota Motor Corp. contributed the most to the Topix Index decline, decreasing 3.2%. Out of 2,132 stocks in the index, 1,036 rose and 1,005 fell, while 91 were unchanged.
A measure of automakers sank 2.9%, while a gauge of electric appliance makers including Keyence, which gets more than half of its sales overseas, dropped 1.3%, dragging the broader Topix index lower.
The yen traded at about 143.99 against the dollar, near its strongest level since early August, amid rising geopolitical tensions in the Middle East and after Fed Chair Jerome Powell cemented expectations of an interest-rate cut at the next policy meeting.
Source : Bloomberg
