Japanese share market closed down on Monday, 10 November 2014, as investors opted for withdrawing profit on recent rally after yen appreciated against greenback. The benchmark Nikkei Stock Average declined 99.85 points, or 0.59%, to 16780.53.
The yen appreciated to upper-113 level on Monday from a seven-year high of Y115 late last week, after a weaker-than-expected increase in U.S. October non-farm payrolls on Friday. The greenback was changing hands at Y113.99 late evening today, well off its Friday level of Y115.35. A stronger yen is generally bad for Japanese exporters, as it gives them less room to cut prices on goods they sell overseas and reduces the yen value of any profits they send back home.
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