"Although expectations of rate cuts by the Federal Reserve have led to rallies in U.S. shares, Japanese shares are benefitting less because U.S. rate cuts would strengthen the yen," said Masahiro Ayukai, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The Japanese yen hit a five-month high on Wednesday. Worries about trade wars U.S. President Donald Trump is waging on many fronts hampered semiconductor shares and other exporters. Rakuten jumped 6.5% after the internet company announced a tie-up with East Japan Railway on cashless services. East Japan Railway rose 1.0% while West Japan Railway hit a near four-year high, having risen as much as 2.6% at one point.

Source: The Star June 06, 2019 03:00 UTC