Japan's Nikkei falls for seventh day as yen's rally bites
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Japan's Nikkei share average fell for a seventh straight session amid widespread losses on Wednesday, as the yen's rally to its strongest against the dollar this year weighed. The Nikkei closed down 1.5% at 35,619.77, after slumping over 2% to brush near Monday's one-month intraday low of 35,247.87. The broader Topix fell 1.8% to end the session at 2,530.67. The dollar dropped as much as 1.24% to 140.71 yen, a level not seen since Dec. 28, before trading at 141.16 yen as of 0547 GMT, following the U.S. presidential debate and remarks by Bank of Japan board member Junko Nakagawa. A stronger yen tends to hurt exporter shares as it decreases the value of overseas profits in yen terms when firms repatriate them to Japan. Shares of exporters slid, with the underperformance of automakers standing out. Toyota Motor stumbled 3.1%, while Subaru Corp declined over 4% and Honda Motor slid 3%. Losses broadened in afternoon trade, with ...