Market Report - Yen Hits Exports

Shares of Japanese exporters like Honda declined Thursday as the yen hit a two-month high against the dollar. The Federal Reserve's pessimistic view on the U.S. economy helped chill investor interest in exporters, whose overseas profits erode on a stronger yen. Technology shares like Canon also fell in the wake of losses by U.S. peers, helping to pull the Nikkei lower. But the Japanese government said it may lift its economic assessment, as signs are emerging that the pace of deterioration is slowing. Most Asian stock markets followed Japan lower, with banks pushing the Australian benchmark down.

And In corporate news, a Chinese newspaper reported that Fiat and the Guangzhou Automobile Industry Group plan to build a new passenger car in a $625 million joint venture producing 140,000 cars and 220,000 engines annually in southern China.

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News & Politics

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