Asian shares were seen declining on Tuesday, as the strong yen dragged Japanese stocks lower and market investors awaits the decision from the US Federal Reserve two-day meeting over the future for its monetary stimulus.
Analysts are predicting the Fed to delay tapering its $85 billion monthly asset-purchasing program until next year, following the 16-day government shutdown.
The Japanese benchmark Nikkei 225 index declined 0.98% to 14,254.49 as of 1:07am GMT, with the firmer yen dragging exporters to decline, while Tokyo’s broader Topix index dropped 0.65% lower to 1,190.53.
Meanwhile, shares in Nissan Motors and Isuzu Motors dropped by more than 1% as the stronger yen dropped dragged the company lower.
In China, Hong Kong’s benchmark Hang Seng index climbed 0.5% higher to 22,920.00, while China’s mainland benchmark Shanghai Composite advanced 0.17% to 2,137.40, both as of 1:31am GMT.
The Australian benchmark S&P/ASX 200 index was dropped 0.27% lower at 5,426.80 as of 1:25am GMT, while the Korean benchmark Kospi index edged 0.26% lower to 2,042.79 and New Zealand’s NZX 50 index was little changed at 4,862.48 at the same time.
Asian Shares – Japan Retail Sector
According to data reports released, Japan’s retail sector advanced 3.1% higher in September against last year’s levels, exceeding analyst’s expectation of a 1.8% rise in September.
A separate data released on Tuesday showed a rise of 3.7% in household spending in Japan.
Australia
Meanwhile in Australia, the Governor of the Reserve Bank of Australia, Glenn Steven gave a speech on Tuesday summarizing the state of the Australian economy.
“It seems quite likely that at some point in the future the Australian dollar will be materially lower than it is today,” Stevens said. “While the direction of the exchange rate’s response to some recent events might be understandable, that was from levels that were already unusually high,” Steven said.
“These levels of the exchange rate are not supported by Australia’s relative levels of costs and productivity,” he added.
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