2023-12-04 00:47:05
Tokyo (awp/afp) – The Tokyo Stock Exchange was weighed down Monday morning by the sharp appreciation of the yen, a consequence of the relaxation of American bond rates, a currency movement penalizing Japanese export values.
The flagship Nikkei index lost 0.8% to 33,165.07 points around 00:40 GMT and the broader Topix index lost 1.04% to 2,357.72 points.
American bond yields fell sharply on Friday as the scenario of the end of monetary tightening by the American Federal Reserve (Fed) becomes more and more credible in view of the latest indicators in the United States, which confirmed the slowdown of its economy like inflation.
This scenario at the same time eases the dollar’s pressure on the yen, whose great weakness since last year is largely explained by the large gap between the very restrictive monetary policy of the Fed and the still ultra-accommodating policy of the Bank of Japan (BoJ).
The automobile in pain
The shares of Japanese car manufacturers, champions of the country’s exports, were particularly affected on Monday by the appreciation of the yen: around 00:35 GMT Toyota lost 2.47%, Nissan 3.64% and Honda 2.9%.
Yen and oil on the rise
The dollar continued to weaken once morest the yen, at a rate of one dollar to 146.37 yen around 12:35 a.m. GMT compared to 146.82 yen on Friday at 9:00 p.m. GMT.
The Japanese currency also progressed once morest the euro, which was worth 159.19 yen compared to 159.79 yen at the end of last week.
One euro was also exchanged for 1.0875 dollars, once morest 1.0884 dollars on Friday at 9:00 p.m. GMT.
Oil was on the rise: around 00:30 GMT the barrel of American WTI gained 0.8% to 74.66 dollars and the barrel of Brent from the North Sea gained 0.7% to 79.43 dollars.
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