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"The dollar has remained on the defensive .... extending its recent decline back below the 100.00 yen level," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ. A lower yen makes Japanese exports more competitive. The currency's broad weakness this year has been one of the reasons why the Nikkei has been one of the strongest performers. Japanese vehicle makers were among the hardest hit on Monday, with Mitsubishi Motors Corp. down 9.9 percent and Isuzu Motors Ltd. 8 percent lower. Elsewhere in Asia, South Korea's Kospi fell 0.6 percent to 1,899.89 while Hong Kong's Hang Seng lost 0.5 percent to 21,850.15. On the Chinese mainland, the Shanghai Composite Index shed 1.7 percent to 1,976.31 while the smaller Shenzhen Composite Index lost 1.9 percent to 941.33. Oil prices were fairly subdued, with the benchmark New York rate down 34 cents at $104.36 a barrel.
[Associated
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