26th November 2013
Investors have sought to lock in profits on the recent surge in Asian markets today (November 26th), particularly in Japan, where the Nikkei 225 has declined from a six-month high.
With the yen strengthening from recent lows, the country's blue-chip exporters saw their shares fall. A lower Japanese currency in comparison to the dollar reduces the value of overseas income for domestic companies, limiting export earnings.
As is generally the case, automakers were hit hardest by these movements, with Toyota and Honda shedding 1.25 per cent and 1.95 per cent respectively. The Nikkei dropped by 0.67 per cent to close at 15,515.24 points, having advanced to its strongest level since mid-May.
In Australia, the ASX/200 inched 0.08 per cent higher, supported by gains in the country's financial and banking sector. Hong Kong's Hang Seng moved 0.1 per cent higher in volatile trade, caused by continued speculation regarding the Federal Reserve's quantitative easing programme.
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