A resurgent yen helped bring Japanese stocks crashing back to earth on Monday, leaving investors scrambling to gauge the potentially diminished outlook for...
Employees look on the monitors displaying Japan 's Nikkei share average, which has had a record breaking-drop in the closing price, at Nagoya Stock Exchange in NagoyaTOKYO - A resurgent yen helped bring Japan ese stocks crashing back to earth on Monday, leaving investors scrambling to gauge the potentially diminished outlook for earnings, and snuffing out a months-long dramatic run by the Tokyo market.
The yen traded around its strongest level in seven months on Monday, at 142 to the dollar. It has gained about 14% over the last month, recovering after months of losses. "A lot of global investors have been looking for Japanese companies to announce upward revisions" due to the currency, he said. Automakers are also heavyweight components of the Nikkei and the broader Topix index, Itoshima said, something that adds to the overall pain for markets.
The market turmoil may come with a silver lining for investors who look beyond a group of Japan's export champions.
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