Nikkei falls to its lowest level in 3 weeks as the yen rises

Japan’s Nikkei fell to its lowest levels in nearly three weeks on Monday, as a stronger yen hurt exporters’ earnings expectations while automakers led the declines.

The Nikkei closed trading down 0.6 percent, recording 33,231.27 points, after earlier declining by 1.22 percent to 33,023.04 points for the first time since November 14.

The broader Topix index fell 0.83 percent.

Transportation equipment stocks were the worst performers among the 33 industrial groups listed on the Tokyo Stock Exchange, declining 2.48 percent.

The mining sector came next, with a decline of 2.39 percent, as the significant decline in oil prices affected the shares of exploration companies.

The yen rose to its highest level in about three months at 146.235 to the dollar on Monday before falling to about 146.65.

Of the 225 stocks listed on the Nikkei, 170 stocks declined, compared to 54 that rose and one stock remained stable.

Mazda stock was the worst performer, falling 3.93 percent. Nissan shares also fell 3.27 percent, and Toyota shares lost 2.31 percent.

But the biggest decline was for Tokyo Electron, the giant chip manufacturing company, as its stock fell 0.59 percent. SoftBank Group’s shares for investing in emerging companies fell 1.15 percent.

On the other hand, shipping company stocks were the best performers ever and rose by 1.95 percent.

Real estate was the only other sector to achieve notable gains, increasing 0.45 percent.