Asian shares rise, weaker yen buoys Tokyo

Asian stocks were higher in quiet post-Christmas trade on Wednesday, with Tokyo shares lifted by a weaker yen which sank to a new 20-month low against the greenback.

The Nikkei 225 index at the Tokyo Stock Exchange was up 0.40 per cent in the morning as the Japanese currency dipped past 85.00 yen against the dollar for the first time since April 2011.

A strong yen is negative for Japanese markets as it erodes exporters’ revenue and makes their products less competitive overseas.

Shanghai was flat, while Seoul opened 0.78 per cent higher.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1112862/asian-shares-rise-weaker-yen-buoys-tokyo