Japanese Stocks Fall As Yen Passes Key Level Versus Dollar

Japanese Stocks Fall

Japanese stocks are falling after the yen surged to more than 100 per dollar for only the second time this year. It is currently at 100.30 per dollar after a senior US central bank official indicated borrowing costs could be lifted as early as September.

The Japanese currency is considered a so-called safe haven and tends to strengthen in value when investors become more risk averse.

Japan’s benchmark Nikkei 225 opened 0.25% lower while the Topix fell too.

New Zealand stocks, the first major bourse to begin trading in the Asian day, rose by 0.5% after data showed its labour market recovered in the second quarter.

Australia’s S&P/ASX 200 is marginally lower after the world’s biggest mining company BHP Billiton reported a record net loss, dragging on other commodity stocks.