Tokyo stocks end mixed as firm yen hits exporters

Alsharq Tribune-Otaify 

Tokyo stocks ended mixed Monday, with exporters fell on a firmer yen while banks gained after a summary of opinions from the Bank of Japan's (BOJ) latest policy meeting bolstered expectations for a quicker pace of interest rate hikes.

The 225-issue Nikkei Stock Average fell 223.47 points, or 0.44 percent, from Friday to 50,526.92. The broader Topix index edged up 3.46 points, or 0.10 percent, to 3,426.52.

On the top-tier Prime Market, rubber product and mining issues led the declines, while nonferrous metal and wholesale trade shares posted notable gains.

The U.S. dollar weakened to the lower 156 yen level in Tokyo, as expectations for BOJ rate increases supported the yen, dealers said.

Ahead of the start of regular trading, the BOJ released its summary of opinions for the two-day policy meeting through Dec. 19, when its benchmark rate was raised to a 30-year high.

Analysts said the summary was slightly more hawkish than expected, strengthening expectations for more rate hikes next year. Bank and other financial stocks rose on hopes that further BOJ rate increases will boost their profits.