JPMorgan Chase & Co. has the most bullish forecast among the 60 or so compiled by Bloomberg, at ¥110 per dollar. Australia, New Zealand and the United Kingdom are the shuttered leaving the early morning session very quiet.
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In currencies, the dollar edged down 0.1 percent to 120.33 yen JPY=, within striking distance of a two-month low of 120.05 struck late last week.
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Historically, Tokyo stocks have tended to make narrow gains in the final days of trading, Ota said, adding the opportunity for investors to sell stocks to cash them in before the end of the year passed last Friday.
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Data released earlier on Monday was yen-bearish, although the market’s reaction was muted.
Also on December 28, the METI said that the total value of retail sales in Japan was down 1.0 percent on year in November. Those areas have kept pressure on the Bank of Japan to increase its already huge stimulus efforts.
Trading volume on the main section rose to 1,578.73 million shares from Monday’s 1,555.26 million shares.
Toshiba rose 6.10 yen, or 2.7 percent, to 232.10 yen amid media reports Tuesday that the ailing company plans to seek an additional 300 billion yen ($2.5 billion) in credit to fund its restructuring. “If the market turns, it will not only derail a record fourth annual decline for the yen, the start of 2016 could be the beginning of three years of weakness for the dollar”.
USD: The yen gained against the dollar as soured risk sentiment favoured the safe haven Japanese currency, while the Canadian dollar struggled near an 11-year low against the greenback as crude oil prices resumed their slide.
Investors across asset markets were without some of the usual leads as markets in Europe and North America were closed on Friday for Christmas.
MSCI’s broadest index of Asia-Pacific shares outside Japan gave up earlier modest gains and were down 0.4 percent.
The Dow Jones industrial average fell 81.13 points, or 0.46 percent, to 17,471.04, the S&P 500 lost 11.14 points, or 0.54 percent, to 2,049.85 and the Nasdaq Composite dropped 31.47 points, or 0.62 percent, to 5,017.02.
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The dollar index, which gauges the greenback against a basket of six counterparts, inched down about 0.1 per cent to 97.858.
