Tokyo stocks took a nosedive Friday on the back of a sell-off in the United States and Europe and jump in the valuation of the yen, which stands to harm the country’s exporters.
Tokyo’s Nikkei 225 shed 4.8 percent to end the session at 14,953. That performance caps off a rough week for the index. The shares shed 5.4 percent on Tuesday alone.
Hong Kong’s Hang Seng index was losing 1 percent in late day. Other markets in China were closed for the Lunar New Year holiday.
In Tokyo, Fast Retailing fared relatively well. It lost just 0.4 percent to end at 32,390 yen. Shiseido was not as lucky. It dropped 4.6 percent to finish at 2,105 yen. Similarly, Isetan Mitsukoshi lost 5 percent to end at 1,199 yen.
A weak yen has proved a blessing to Japanese exporters until now, but currency dynamics are shifting. The currency has gained more than seven percent in value against the dollar since the beginning of the month to trade near .0083 to the dollar.