The firmer yen and comments from G7 officials prompted a bout of profit taking in Tokyo on Wednesday.

The yen advanced against the dollar after Group of Seven officials issued a statement underlining its commitment to allow markets to determine currency exchange rates. It added that central bank policy would focus only on domestic objectives.

The benchmark Nikkei 225 index closed down 117 points at 11,251 in Tokyo while the broader Topix fell 11 points to 957. Analysts noted that trading was more volatile than usual ahead of the G20 meeting at the weekend in Moscow. The meeting is expected to focus on 'currency wars'.

The Hang Seng remains closed for the Lunar New Year holiday.

Exporters like Toyota Motor and Sony were hurt by the firmer yen. Their shares fell 1.8% and 5.6% respectively. Mazda Motor fell 2.8% in intense trading while Panasonic lost 3.4%.

Elsewhere shares of Olympus fell 2.7% after the camera maker reduced its full year net profit forecasts by ¥2bn, citing ongoing weak demand.




CJ

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