Employees work at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Jan. 4, 2024.
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Asia-Pacific markets opened lower on Thursday, as the Japanese yen weakened to a near 38-year low late Wednesday, hitting 160.82 against the U.S. dollar, according to FactSet data.
The yen last breached the 160 level against the dollar two months ago, prompting the Japanese government to prop it up in the country’s first currency intervention since 2022.
Japan’s year-on-year retail sales growth for May came in at 3%, higher than the market forecast of 2%, according to a Reuters poll of economists. This compares with a revised 2% growth in April.
Investors in Asia will also look toward China’s May industrial profit numbers which will be released on Thursday.
Japan’s Nikkei 225 declined 0.93% while the broad-based Topix lost 0.36% in early trade. South Korea’s Kospi declined 1%, while the small-cap Kosdaq was up 0.24% in early trade.
Australia’s S&P/ASX 200 opened 1.47% lower, as compared with their last close of 7,783.
Hong Kong Hang Seng index futures were at 17,947, lower than the HSI’s last close of 18,089.93.
Read More: Japan’s yen weakened to a near 38-year low; Asia-Pacific markets open lower