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Japan shares close lower on stronger yen | |
(about 7 hours later) | |
Japanese shares fell as much as 3% on Friday, touching a seven-month low, as the yen strengthened against the dollar ahead of much-anticipated job numbers from the US due later. | |
Japan's Nikkei share index eventually closed down 2.15% at 17,792.16. | |
The dollar was buying 119.10 yen in afternoon trade, its weakest point since late last month. | |
A stronger yen is not good for Japanese exporters as it makes their goods more expensive to buy overseas. | |
Among big exporters, shares in Toyota dropped 2.5% while Panasonic fell 4%. | |
Analysts said the yen has strengthened because investors were looking to put their money into safer assets. | |
Other Asian shares headed lower for much of Friday, despite stocks on Thursday getting a boost from the European Central Bank's (ECB) hints about extending its stimulus programme. | |
The ECB cut its growth and inflation forecasts on Thursday, paving the way for an expansion to its asset-buying plan. | The ECB cut its growth and inflation forecasts on Thursday, paving the way for an expansion to its asset-buying plan. |
South Korea's Kospi closed down 1.5% at 1,887.61, while in Australia the S&P/ASX 200 closed up 0.25% at 5,040.60. | |
In Hong Kong, the benchmark Hang Seng index was down 0.49% in afternoon trade at 20,831.66. | |
Mainland markets in China are closed on Friday for a holiday to commemorate the end of World War Two. | |