Japanese stocks fell on Tuesday, failing to hit a new high for the year, while the Australian dollar picked up after the Reserve Bank of Australia dampened speculation that it’s close to intervening in the currency markets.

After bumping up 1.6% over the previous three sessions, the dollar retreated from the recent highs against the yen USDJPY -0.11%  . Having climbed as high as ¥101.92 on Monday — its highest level since May — the greenback eased to ¥101.52 after a strong run that had seen it gain for 9 of the past 12 sessions.

That weakening trend for the yen resulted in substantial gains for Japanese stocks, which also suffered a setback on Tuesday, with the Nikkei Average JP:NIK -0.67%  down 0.5%. The market closed on Monday  just a slither away from a new high for the year, but remains up 8.4% month-to-date. – Full Article