Stocks in Japan led declines across the region, dragged by weak oil prices and jitters about the health of the nation’s banks.
The Nikkei 225 Index slumped 218.53 points, or 1.3%, to 16,465.40, with energy, banking and export sectors leading losses
In Hong Kong, the Hang Seng index picked up 47.75 points, or 0.2%, to 23,619.65
The relatively stronger yen sent export stocks in Japan lower, with automakers Toyota closing down 2.4%, Nissan off 2.6% and Honda down 1.8%. Among other exporters, Sony fell 0.3% and Mitsubishi Electric was down 1.6%. Sharp bucked the downward trend to trade up 1.5%.
A stronger yen is a negative for exporters as it eats into their overseas profits when converted into local currency.
Japanese banking shares also sold off sharply, with Mitsubishi UFJ falling 3.2%, SMFG down 4.1% and Mizuho Financial down 3.9%
The yen climbed as high as 100.23 against the U.S. dollar on Wednesday morning, after easing to levels near 100.91 on Tuesday afternoon Asia time. As of late afternoon local time the yen traded at 100.71.
In company news, shares of Postal Savings Bank of China (PSBC) had a lackluster debut in Hong Kong, trading on par with its IPO price of 4.76 Hong Kong dollars. Reuters reported the Chinese state-owned lender raised $7.4 billion U.S. in the world's biggest initial public offering in two years and priced the deal near the bottom of its marketing range.
Australian markets poked upward, though, with the heavily weighted financial sector finishing nearly flat. The energy sector, however, slipped 1.2%, while the gold sector fell 2.1%.
The Australian dollar traded at $0.7678 U.S. in the late afternoon, climbing from levels below $0.76 early last wee
In other markets
Markets in Taiwan remained shuttered by Typhoon Megi
In Shanghai, the CSI 300 dropped 9.86 points, or 0.3%, to 3,230.89
The Straits Times Index in Singapore erased 2.22 points, or 0.1%, to 2,858.01
The Kospi index in Korea subtracted 9.76 points, or 0.5%, to 2,053.06
In New Zealand, the NZX 50 forged ahead 37.52 points, or 0.5%, to 7,290.45
In Australia, the ASX 200 recovered 6.46 points, or 0.1%, to 5,412.35
