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Tokyo stocks start 0.39% lower, Nikkei 225 drops 65.98pts

Tokyo stocks start 0.39% lower, Nikkei 225 drops 65.98pts

TOKYO: Tokyo stocks started 0.39 per cent lower on Wednesday after the yen strengthened, Russia’s ruble tumbled as investors fled to safe assets.
The Nikkei 225 index at the Tokyo Stock Exchange was down 65.98 points to 16,689.34 at the start.
The yen is seen as a secure investment target in times of economic uncertainty, but the stronger currency hits Japanese exporters as it makes their products less competitive abroad and erodes income when repatriated.
The yen gained ground on both the US dollar and the euro on Tuesday, as the Russian central bank’s sharp rate hike to beat back capital flight only partly stemmed the ruble’s fall