Asia Stocks Tumble

Shares in Asia tumbled on Monday, as major markets in the region saw sharp losses and the dollar-yen hovered around the 135 level.

In Japan, the Nikkei 225 dumped 836.85 points, or 3%, to 26,987.44, and shares of conglomerate SoftBank Group fell 6.9%.

The losses in Asia came as the Japanese yen weakened as low as 135.17 per U.S. dollar on Monday, before recovering from some of those losses.

In Hong Kong, the Hang Seng index tumbled 738.6 points, or 3.4%, to 21,067.58, Tencent shares fell 4.9% while Alibaba plunged 8%,

Korea indices hesitated, led by tech shares like Samsung Electronics which declined 2.7% while Kakao was down by 4.5%

In Taiwan, TSMC’s stock slipped 2.6%.

The Australian dollar was at $0.6991 after dropping from above $0.72 last week.

CHINA

In Shanghai, the CSI 300 slid 49.64 points or 1.2%, to 4,189.35.

Worries surrounding mainland China’s COVID situation may have further weighed on Asia-Pacific investor sentiment on Monday. Beijing city suspended offline sports events, delayed return to schools and tightened other controls, just days after loosening them.

Later this week, a slew of Chinese economic data including industrial production and retail sales for May will be out on Wednesday.

In other markets

Markets in Australia were shuttered for holiday.

In Singapore, the Straits Times Index dipped 42.38 points, or 1.3%, to 3,139.35.

In Taiwan, the Taiex index plunged 161.22 points, or 1%, to 16,460.12.

In Korea, the Kospi docked 91.36 points, or 3.5%, to 2,504.51.

In New Zealand, the NZX 50 swooned 211.54 points, or 1.9%, to 10,924.74