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Asian stocks mixed after Japan intervenes on yen

Asian stocks mixed after Japan intervenes on yen

Asian stocks were mixed in early trading Thursday, but Japan's Nikkei index extended gains after Tokyo intervened in the currency market for the first time since 2004 to weaken the yen.
Japan's benchmark Nikkei 225 stock index climbed 65.66 points, or 0.7 percent, to 9,582.22. The index jumped more than 2 percent Wednesday as investors cheered Japan's intervention to stem a rise in the yen, which hit 15-year highs against the dollar.
Australia's S&P/ASX 200 was down 0.1 percent at 4,697.40. South Korea's Kospi declined 0.2 percent to 1,820.58.
Japan intervened in the currency market Wednesday in a bid to weaken the strong yen, which hurts the country's vital exporters because it cuts their overseas profits.
Following the intervention, the dollar shot up to the 85 yen level Wednesday after hitting a low of 82.87 earlier in the day. The greenback was quoted at 85.60 yen in Tokyo Thursday morning from 85.74 yen in New York late Wednesday.
In New York overnight, the Dow Jones industrial average rose 46.24, or 0.4 percent, to 10,572.73 after getting better news on U.S. industrial production for August.


Updated : 2021-10-22 16:08 GMT+08:00