Japan s Nikkei share average closed little changed on Tuesday, as gains in chip-related stocks offset declines by heavyweights such as Uniqlo-owner Fast Retailing and Nissan Motor.
The yen has strengthened about 5% in three weeks, driven by bets that the Bank of Japan is nearing an exit from negative interest rates, while expectations for the Federal Reserve point to a potential rate cut. The BOJ s next policy decision is scheduled for Tuesday.
At the same time, "it s kind of hard to draw a scenario for higher stock markets from here, because the market has already priced in quite aggressive rate cuts from the Fed," he said.