Japan’s Nikkei is at its lowest level in a month

Japan’s Nikkei index closed lower for the sixth consecutive session on Wednesday, affected by mixed results for major American technology companies and the continued rise of the yen.

The Nikkei index fell 1.11% to the lowest closing level in a month at 39,154.85 points, also recording the longest losing streak since October 2021.

The broader Topix index fell 1.42% to 2,793.12 points

Meanwhile, the yen rose to a 7-week high to 154.36 per dollar on Wednesday, as markets expected a 56% chance of raising interest rates at the Bank of Japan’s monetary policy meeting on July 30-31.

A stronger yen would harm the stocks of exporting companies, because the rise of the yen reduces the value of profits coming in foreign currencies when companies transfer them to Japan.