Japanese shares fell as dollar/yen slipped to a one-month low, after President-elect Donald Trump held a raucous and freewheeling press conference that analysts said was sparse on economic policy details.
The news conference held on Wednesday during U.S. time concluded with Trump, who will be inaugurated as the 45th President of the United States on Jan. 20, not providing further clarity on his proposed policies, inklings of which had drove U.S. markets and the dollar higher since November.
"Trump made a couple references to 'making America great again' but there was no detail on infrastructure spending, corporate tax reform, personal income tax cuts, the prospects for deregulation or the possibility of another tax repatriation holiday," said Westpac Global Strategy Group in a note released on Thursday.
The Nikkei 225 dropped 1.19 percent or 230 points at 19,134.7, as the yen strengthened against the dollar to 114.25 compared to levels as high as 116 in yesterday's session. A stronger yen is generally bad news for Japanese companies as it makes exports more expensive and lowers repatriated profits earned overseas.
Japanese condiments manufacturer Kewpie bucked the trend to jump 4.65 percent, after the company said it expects operating profit to rise 10.7 percent to 33 billion yen ($287 million) for the full year ending November and that it will increase the dividends by 1.5 yen per share compared to the previous year to 36 yen each.