Asia-Pacific markets traded lower on Tuesday after major indexes on Wall Street finished their worst day since June amid mounting rate hike concerns.
The Nikkei 225 tumbled 341.75 points, or 1.2%, to 28,452.75.
Airline stocks in Japan rose following a Nikkei report that said the government is considering ending pre-arrival Covid test requirements for vaccinated travelers.
Japan Airlines rose 3.4%, while ANA Holdings was 2% higher.
The report noted the easing is likely to take effect within a few weeks, adding that the country was mulling raising the cap on the number of arrivals that is currently limited to 20,000 tourists a day.
In Hong Kong, the Hang Seng index deleted 153.73 points, or 0.8%, to 19,503.25.
Tencent shares dropped slightly after the company bought back 1.1 million shares for $353.6 million Hong Kong dollars ($45 million U.S.), according to a filing to the Hong Kong exchange.
The company has bought back 12.6 million shares so far, which accounts for 0.13% of the company’s share capital, according to the filing.
Tencent shares were last down 0.5%.
Singapore’s consumer price index climbed to 7% year-on-year, the highest level in 14 years, as food, electricity and gas prices rose. Global inflation is likely to stay elevated “for the next few months,” the central bank said in a statement.
In other markets
In Shanghai, the CSI 300 docked 20.32 points, or 0.5%, to 4,161.08.
In Taiwan, the Taiex doffed 149.25 points, or 1%, to 15,095.89
In Korea, the Kospi index dropped 27.16 points, or 1.1%, to 2,435.34
In Singapore, the Straits Times Index lost 16.36 points, or 0.5%, to 3,246.21.
In Australia, the ASX 200 faltered 85.07 points, or 1.2%, to 6,961.81.
In New Zealand, the NZX fell 120.74 points, or 1%, to 11,643.21.
