Asia markets struggled on Thursday and closed mixed, with the Japanese benchmark down more than 1% after Toshiba tumbled on credit downgrades.
In Japan, the Nikkei 225 dropped 256.58 points, or 1.3%, to 19,145.14, weighed by pressure from a stronger yen and Toshiba's plunging shares.
The Hang Seng Index in Hong Kong added 36.17 points, or 0.2%, to 21,790.91. The market was nearly flat late afternoon, ahead of its November trade figures which would be released after the market close.
Shares of Toshiba were down 17% at 258.7 yen each after both Moody's and S&P Global Ratings downgraded Toshiba credit ratings and put the electronics conglomerate on ratings watch with negative implications.The downgrades come after the Japanese firm announced Tuesday it might have to recognize several billion dollars in write-downs related to its U.S.-based nuclear plant construction company acquisition.
Takata shares were positive amid a sea of red, trading up 16.5% or 100 yen to 707 yen each to hit its daily price limit. The airbag maker's shares rose on overnight news that it was nearing a settlement with the U.S. Department of Justice (DoJ) and is expected to pay up to $1 billion to resolve allegations of criminal wrongdoing related to its faulty air bag inflators, Reuters said, citing the Wall Street Journal.
Korean markets crept up, as South Korea's finance ministry revised its 2017 gross domestic product forecast for 2017, down to 2.6% from 3% earlier. Seoul also reported that industrial output jumped 3.4% in November from the previous month, its strongest monthly gain in almost seven years.
In currency markets, the Japanese yen strengthened against the dollar, fetching 116.33 as of 3:06 pm HK/SIN, compared with levels above 117.44 yesterday. The Australian dollar retraced above $0.72, to trade at $0.7204. The South Korean won also firmed up against the dollar, at 1,206.92.
CHINA
In Shanghai, the CSI 300 shed 4.12 points, or 0.1%, to 3,297.77
The Chinese yuan was trading at 6.954 against the U.S. dollar as of late afternoon local time. The daily yuan midpoint was set lower at 6.9497, compared to its last close at 6.956 U.S.
The People's Bank of China dismissed a media report late on Wednesday that the yuan had weakened beyond the 7.0000 per U.S. dollar level in the onshore market on Wednesday, and called the report "irresponsible" in its microblog.
The yuan has seen persistent pressure on the back of large capital outflows, and has depreciated 6.5% year-to-date against the greenback.
In other markets
In Korea, the Kospi inched up 1.97 points, or 0.1%, at 2,026.46
The Straits Times Index in Singapore slid 9.15 points, or 0.3%, to 2,889.15
In Taiwan, the Taiex Index doffed 48.31 points, or 0.5%, to 9,153.09
The NZX 50 regained 16.49 point, or 0.2%, at 6,892.28
Australia's ASX 200 picked up 14.05 points, or 0.3%, at 5,699.07
