Japanese shares retreat as the Yen appreciates

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Source: Dukascopy Bank SA
Japanese shares dropped as the yen appreciated after BOJ doubled the target of inflation to 2% and aimed at launching open-ended asset buying, similar to the one in the U.S., the next year. The Nikkei 225 Stock Average dropped 0.4% to 10,702.48 after earlier rallying as much as 1% right after the BOJ's decision. Only three out of ten sectors advanced with consumer services soaring the most by 0.6%. Olympus Corporation advanced 6.61% to 1,985 yen and capped losses in the industrials shares, followed by Ricoh Co that added 4.12% to 112 yen to bound further decline in the technology group that was 0.9% down. Furukawa rallied 3.23% to 96 yen, also capping decline in industrial stocks. Meanwhile, Toyota Tsusho Corporation retreated 4% to 2139 yen and capped further improvements in consumer services shares. Furthermore, Toho Zinc Co Ltd, non-ferrous metal smelter, lost 3.9% to 374 yen and bounded further rally in industrials group, whereas Showa Denko KK erased 3.5% to 137 yen and triggered a decrease in basic materials shares that paired biggest losses and were 1.02% lower.
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