Japan's Nikkei stock average
pulled back on Thursday from a three-week closing high, weighed
down by concerns that the euro zone debt crisis would keep the
single currency weak against the yen and hurt Japanese
exporters.
"The strong yen against the euro is not seen as a temporary,
short-term problem and it is pressuring the market," said Yutaka
Miura, a senior technical analyst at Mizuho Securities.
"The focus this year is whether Europe's debt problems will
settle and when those problems will begin to impact the United
States. There are no other themes this year except Europe.
Market participants are watching how much longer the yen will
continue to rise against the euro and the dollar."
The euro was trading just above 99 yen on
Thursday, near an 11-year low.
(Reuters)
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