Asia rides Wall Street rebound, firm yen hits Tokyo stocks
Published on Apr 9, 2014 1:29 PM
TOKYO (Reuters) - Asian shares rose on Wednesday after Wall Street reversed a three-day losing streak, but Japanese stocks dropped sharply after the yen surged on fading hopes of near-term stimulus from the Bank of Japan (BOJ).
MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.9 per cent, taking heart from a recovery in United States stocks overnight.
Japanese stocks had a tough day on the back of the stronger yen which erodes exporters' competitiveness and their earnings when repatriated. The Nikkei dropped 2 per cent.
The yen experienced its strongest one-day gain in four weeks against both the dollar and the euro on Tuesday, according to Reuters data.
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