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Asian stocks trade mixed, Nikkei drops on stronger yen

FXStreet (Mumbai) - The sentiment on the Asian indices was largely mixed, with the Nikkei easing after the recent upsurge while the Australian stocks traded modestly higher.

Stronger yen and weakness in commodities weigh

Japan’s benchmark, the Nikkei is seen trading in the red after a 2-day rally on the back of a stronger yen which continues to hit the exporters’ stocks. The index loses -0.52% to 19,755, while USD/JPY trades flat near 122.90 levels.

Among other Asian indices, the Australian benchmark, the S&P/ASX index trades 0.28% higher at 5,257 points, mainly driven by strong gains on the banking stocks. However, the upside remains capped following the negative close on the Wall Street overnight and persisting weakness in commodity prices.

While the Chinese indices also trade flat to range bound as markets fail to the cheer the latest rate cut by China’s central bank, with Shanghai Composite (SSEC) muted around 3,620. China’s A50 index loses -0.13% to 10,697 points.

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