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Toshiba shares and stronger yen drag down Nikkei Nikkei losses led by Toshiba
(about 2 hours later)
Japan's benchmark Nikkei index was being pulled lower on Monday by shares in electronics giant Toshiba as well as a stronger yen. Japan's Nikkei index closed lower, with shares in Toshiba sinking nearly 10% as the firm predicted record losses.
Toshiba shares were down more than 9% on media reports it would soon announce restructuring plans and record losses for the year ending in March. The Nikkei 225 closed down 0.4% at 18,916.02, although the index had been as much as 1.6% in earlier trade.
Japan's benchmark Nikkei 225 index was down 1.64% at 18,674.94 points. Shares in Toshiba fell 9.8% on reports it was expecting record losses for the year to March.
The US dollar fell to 121.17 yen on Monday, compared to last week's 123 yen after the US rate rise. After the market closed, Toshiba said it would cut 6,800 jobs at its consumer electronics division and report a record loss of 550bn yen ($4.53bn).
A stronger yen against the dollar is not good for Japan's big exporters as it makes their products more expensive overseas. The news follows findings that Toshiba had overstated its operating profit for the past six years by a total of 151.8bn yen.
Elsewhere, lower oil prices and oversupply worries continued to weigh on energy-related shares The US dollar fell to 121.20 yen, compared with last week's rate of 123 yen after the US rate rise, and the stronger yen weighed on Japan's major exporters.
The price of Brent Crude fell to its lowest since 2004 in overnight trade to $36.32, before settling at $36.49 a barrel. West Texas Intermediate prices fell to $34.53 a barrel. Toyota shares closed down more than 1% and Honda ended down 0.7%. A stronger yen makes the products Japan's big exporters make more expensive to buy overseas.
In Australia, the S&P/ASX 200 index was down 0.41% at 5,085.90 with energy related stocks and the big banks pulling the benchmark lower. Lower oil prices continued to weigh on energy-related shares. The price of Brent Crude fell to its lowest since 2004 in overnight trade to $36.17 a barrel, before recovering slightly to $36.49. West Texas Intermediate prices fell to $34.53 a barrel.
The country's so-called big four lenders, which include the Commonwealth Bank of Australia, Westpac and National Australia Bank, were all lower on Monday, with ANZ the only exception. In China, Hong Kong's Hang Seng index was up 0.26% at 21,809.75, while the Shanghai Composite index closed up 1.8% at 3,642.47 - a four week high.
In China, Hong Kong's Hang Seng index was up 0.37% at 21,834.44, while the Shanghai Composite index was up 0.9% at 3,611.14. In Australia, the S&P/ASX 200 index recovered early losses to close just 0.05% higher at 5,109.00.
South Korea's benchmark Kospi index was flat, down just 0.09% at 1,973.35. South Korea's benchmark Kospi index closed up 0.3% at 1,981.19.