April 5, 2016 / 6:31 AM / in 2 years

Nikkei ends at 7-week low on yen strength

TOKYO, April 5 (Reuters) - Japanese stocks tumbled to a seven-week low on Tuesday as the yen’s rising strength against the dollar cast a shadow over corporate earnings that have come to rely on yen weakness to supercharge export revenue.

The Nikkei share average tumbled 2.4 percent to 15,732.82, its lowest close since Feb. 12.

The U.S. dollar lost 0.5 percent against the yen during Asia trade on Tuesday, putting downward pressure on the share prices of Japanese exporters.

Shares of Toyota Motor Corp and Bridgestone Corp each ended the day 3.3 percent lower, while Nissan Motor Co Ltd fell 3.1 percent.

The Topix subindex for iron and steel shares ended 3.1 percent lower after Japan’s Ministry of Economy, Trade and Industry forecast a year-on-year decline in crude steel output for the April-June quarter.

The broader Topix shed 2.6 percent to end the day at 1,268.37 with each of its 33 subindexes in negative territory.

The JPX-Nikkei Index 400 fell 2.6 percent to 11,440.39. (Reporting by Joshua Hunt; Editing by Jacqueline Wong)

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