TOKYO, Sept 2- The dollar bounced to cut steep losses versus the yen on Wednesday as Tokyo shares rebounded after sharp losses, dulling demand for the safe-haven Japanese currency for the time being. The dollar was up 0.7 percent at 120.175 yen, hoisted up from a low of 119.225 as Tokyo's Nikkei gained 0.8 percent following the previous day's 3.8 percent tumble.» Read More
Oil's relentless surge to a new peak above $124 weighed on Asian shares Friday, while a stronger yen pressured Japanese exporters, such as Toyota Motor.
Oil's relentless push to yet another record high pressured Asian shares across the board Thursday, raising fears that inflation -- and central bank measures to cool it -- would hurt consumer spending and profits.
Asian stocks were mixed Wednesday with some markets reversing earlier advances. Resource firms, helped by record high oil prices and rising metal prices managed to hang on to their gains.
Asian markets were mostly weaker Tuesday after surging oil prices and worries that Bank of America would scrap a deal to buy mortgage firm Countrywide Financial hurt Wall Street.
Asian stocks were higher Monday, after upbeat U.S. jobs data buoyed Wall Street Friday, with stronger oil and metal prices lifting resource firms. Volumes were thin with both the Japanese and South Korean markets closed for national holidays.
Asian markets were sharply higher Friday after better-than-expected economic data, a rebound in the U.S. dollar and falling oil prices and triggered a rally on Wall Street. Both Japan and Australia closed 2 percent higher.
The Japanese and Australian markets closed lower in the afternoon session Thursday. Trading was quiet with most markets in the region closed for the Labour Day holiday.
Most Asian markets closed lower Wednesday ahead of the U.S. Federal Reserve rate decision later in the session. Japan finished slightly lower, but Shanghai was the stand out performer, up almost 5 percent.
Asian markets were lackluster on Tuesday following a flat finish in the U.S. stock market. But Greater China shares remained firm on the back of positive corporate earnings. Most investors were sidelined and cautious ahead of the Federal Reserve's two-day meeting.
Asian markets trimmed their early gains on Monday as investors took a breather following a rally in financial stocks. But many remained optimistic that the banking sector may finally be putting the credit crunch behind it.
A bounce in the U.S. dollar lifted some Asian stock markets on Friday, while crude oil sank further from its recent $120 a barrel record, dragging energy firms down but boosting airline counters. Japan finished at a two-month high.
Asian stocks were mixed in the afternoon session Thursday with Japan and Australia closing lower. But the Shanghai market took centerstage, surging as much as 9.5 percent at one point after a stamp duty tax cut gave flagging Chinese stocks a boost.
Asian markets were stronger Wednesday, shrugging off the burden of near $120-a-barrel oil and a record high euro, to continue a rally that has recovered all the ground lost last month. Shanghai surged over 4 percent, while Australia gained 1.6 percent.
Asian markets came under pressure on Tuesday after U.S. stocks pulled in a mixed performance. Investors sold financials following weak earnings from Bank of America.
Asian stocks rose to their highest level in seven weeks on Monday, as investors cheered upbeat earnings from U.S. bellwethers which triggered a rally in U.S. stocks last Friday.
Asian markets eked out some gains Friday. Stocks spent the better part of the session dipping below and above the line. Japan and South Korea pulled ahead at the close, finishing higher, but China and Australia closed weaker.
Asian stock indexes made firm gains Thursday, with the exception of the Shanghai Composite Index, boosted by financial and technology stocks with Japan, South Korea and Australia all closing stronger.
Asian markets moved forward Wednesday, with high-tech exporters buoyed by a reassuring outlook from industry leader Intel and energy shares underpinned by record high oil prices. Japan and Australia both closed over 1 percent higher
Asian markets wavered between losses and gains Tuesday, but closed broadly higher, as oil and gold prices gained. The U.S. dollar struggled to attract buyers due to signs of a weak earnings season for banks, which could expose yet more subprime losses and punish stocks worldwide.
Asian markets dropped sharply Monday as a nasty earnings surprise from General Electric and a 26-year low in U.S. consumer sentiment drowned out the Group of Seven nation's support for the U.S. dollar. Japan shed 3% while China was down over 5%.