Japanese Stocks lower as yen Jumps against Dollar

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Japanese stocks traded weaker on Monday after an 11 straight sessions of gains as the yen fell sharply against the dollar and oil prices slipped. Japan's Nikkei 225 fell 0.82 percent, likely due to the yen strength, which is seen as a negative for Japanese export-oriented stocks. 

The yen surged more than 1 percent to 111.63 against the dollar as of 10:01 am HK/SIN, well below levels above 113 last week. Australia's ASX 200 eased 0.29 percent, weighed by weaknesses in its energy sub-index, which fell 1.94 percent, and its materials sub-index, which was down 1.03 percent. 

Tabcorp jumped 2.27 percent at USD 4.73 per share, after The Mail on Sunday reported that British bookmaker Ladbrokes Coral planned to make a 2 billion pound (USD 2.5 billion) bid for the Australian betting company. 

In South Korea, the Kospi recovered from earlier losses to trade up 0.17 percent. Hundreds of thousands people rallied in Seoul at the weekend for the fifth straight week of protests against President Park Geun-hye, who is embroiled in a scandal over influence-peddling.


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