Nikkei down as yen bounces back

<p>Japanese stocks were down as the yen rebounded from lows.</p>

Japanese stocks edged down today (October 7th) as the yen rebounded from lows, while investors reacted little to Bank of Japan governor Haruhiko Kuroda speech on monetary policy.

The yen extended gains earlier in the session to trade at 108.62 yen to the dollar, compared to 110.09 hit last week.

However, it lost ground after Haruhiko Kuroda told the Upper House Budget Committee that the weaker yen has a positive impact on Japan’s economy, brokers quoted by the Japan Times said.

The central bank decided to keep its monetary policy unchanged, and the stock market reacted little to the decision.

The Nikkei share average fell 0.7 per cent to 15,783.83, while the broader Topix edged down 0.4 per cent to 1,290.89, and the JPX-Nikkei Index 400 shed 0.4 per cent to 11,734.20.

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