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Tokyo's shares lower as yen maintains its strength against the dollar Tokyo's shares dragged down by Toshiba for second day
(about 7 hours later)
Japan's shares were down on Tuesday as the yen continued to hold strong against the US dollar. Japan's benchmark index was weighed down for a second day on Tuesday by electronics giant Toshiba.
Japan's Nikkei 225 was down 0.12% at 18,895.01 points. Shares in the firm closed down 12.3% after sinking 10% on Monday ahead of an expected announcement about job cuts.
A strong yen against the dollar is not good for Japan's big exporters as it makes their products more expensive to buy overseas. Late on Monday, Toshiba confirmed it would cut 6,800 jobs at its consumer electronics division together with some jobs from other sectors.
Toshiba shares were down more than 7% on Tuesday after sinking 10% on Monday ahead of an expected announcement about job cuts. It also said it would report a record annual loss of 550bn yen ($4.53bn), which was worse than expected.
After Japan's stock market closed on Monday, the electronics giant said it would cut 6,800 jobs at its consumer electronics division. The numbers were worse than expected. Japan's Nikkei 225 index closed down 0.16% at 18,886.70.
It also said it would report a record annual loss of 550bn yen ($4.53bn) and that more jobs would be lost from other sectors. The continued fall in oil prices also weighed on sentiment, with crude prices touching 11-year lows on Monday.
Also adding to investor worries, oil prices have fallen to levels not seen since 2004. Brent crude fell to $36.05 a barrel - its weakest since July 2004 - before recovering slightly.
Brent crude sank to $36.05 a barrel - its weakest since July 2004 - before recovering slightly.
Oil prices have fallen sharply since last year, when they reached $115 per barrel, because of global oversupply on the market.Oil prices have fallen sharply since last year, when they reached $115 per barrel, because of global oversupply on the market.
In Australia, the S&P/ASX 200 index was higher, up 0.21% at 5,119.70 in mid morning trade. One bright spot in the commodities and energy sector was the price of iron ore, which rose to $40.46 a tonne. The commodity is Australia's biggest export.
Iron ore prices rose again overnight - to $40.46 a tonne. The commodity is Australia's biggest export. Sydney's benchmark S&P/ASX 200 index closed up 0.15% at 5,116.70.
In China, the Shanghai Composite was flat, down just 0.02% at 3,641.65, with Hong Kong's Hang Seng also little changed, up just 0.01% at 21,798.22. In China, the Shanghai Composite ended the day 0.26% higher at 3,651.77, while Hong Kong's Hang Seng rose 0.2% to 21,830.02.
South Korea's benchmark Kospi index was down 0.24% at 1,975.96. South Korea's benchmark Kospi index closed up 0.57% at 1,992.56.