YEREVAN, September 27. /ARKA/. A sudden reversal in the yen lifted Japanese shares Thursday, while a looming weeklong holiday weighed on stocks in China.
Japan’s Nikkei JP:NIK -0.26% staged an intraday rebound after a knee-jerk weakening of the yen sent exporter stocks higher. Traders cited market speculation surrounding reforms to Japan’s public pensions as the cause for the currency’s sharp move. An advisory panel for Japan’s Government Pension Investment Fund met Thursday and was expected to issue a report well after the market closed.
The dollar USDJPY -0.30% was last changing hands at 98.91 yen, after earlier breaking above ¥99, compared with ¥98.43 late Wednesday in New York. Medical-equipment maker Terumo JP:4543 +0.20% closed 3.4% higher and electronics firm Sharp Corp. JP:6753 +1.11% rose 2.6%.
Japan’s benchmark index finished up 1.2% after falling as much as 1.5% earlier in the session.
Stocks in China pointed in the other direction, with the Shanghai Composite CN:SHCOMP +0.20% falling 1.9% as investors reduced exposure ahead of a weeklong Golden Week market holiday starting Tuesday.
A thin calendar elsewhere in Asia left stocks to take most direction from a weak session on Wall Street, where the S&P 500 stock index SPX +0.35% recorded its longest losing streak since December. –0–
