Dollar jumps on yen, gives Japanese stocks a lift
SYDNEY: The US dollar was holding broad-based gains in Asia on Tuesday in a boon for shares of Japanese exporters but a burden for oil, gold and stocks in the energy majors.
As the dollar finally broke to a six-year peak on the yen and a one-year top on the euro, Brent oil sank to 16-month lows while gold carved out a three-month trough.
A falling yen tends to be viewed as positive for Japanese exporters and corporate profits, and helped lift the Topix 0.5 per cent to 1,305. That put the index within a whisker of this year's peak at 1,308.08 and a break there would put it on ground last trod in July 2008.
Markets elsewhere in the region were steady with MSCI's broadest index of Asia-Pacific shares outside Japan down a slight 0.1 per cent.
Despite market concerns over China's economy, stocks there have been buoyed by talk of more stimulus and reform measures.
The CSI300 of the leading Shanghai and Shenzhen A-share listings put in its best performance in a year last week with gains of almost 5 per cent.
On Wall Street, the Dow closed down 0.15 per cent, while the S&P 500 fell 0.31 per cent but the Nasdaq eked out a 0.2 per cent gain.
Energy led the decline, with the S&P energy index off 1.6 per cent and Exxon Mobil down 1.5 per cent.
Investors were now eagerly awaiting the launch of new products by Apple later on Tuesday in a much-hyped event at Cupertino, California.
Apple has fed high expectations, with promises by executives that the company's best product pipeline in 25 years is being readied inside its secretive facilities.
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