Japanese stocks tumbled Friday as the yen firmed up a day after the new Bank of Japan governor offered few new details on future policy, while Hong Kong shares fell after weak results from PetroChina Co. and several other blue-chip firms.
In Japan, the Nikkei 225 index flopped 297.16 points, or 2.4%, to 12,338.53. Exporters were hit as the U.S. dollar traded under ¥95, well below its ¥96.03 level late Wednesday.
In Hong Kong, the Hang Seng index lost 110.58 points, or 0.5%, to 22,115.30
Many Asia markets suffered from heightened worries over Cyprus after the European Central Bank (ECB) issued a deadline to its parliament for meeting the terms of a proposed bailout, an issue which also hurt stocks on Wall Street overnight.
Shares of Advantest Corp dropped 2.7%, Fanuc Corp. fell 5.5% and Honda Motor Co. gave up 2.7% on worries a firmer yen would lower their repatriated earnings.
Among other movers in Tokyo, Panasonic Corp. dropped 2.6%. A Nikkei news report said the company was negotiating with the labor union to cut bonuses and lengthen its work week.
Banks were also weak after new central-bank chief Haruhiko Kuroda failed to offer specifics of new policy moves at a press briefing late Thursday. Mitsubishi UFJ Financial Group Inc. dropped 2.4%, and Sumitomo Mitsui Financial Group Inc. shed 1.8%.
Seven & I Holdings Co. fell 4% in the downbeat market despite a Nikkei news report tipping the owner of 7-Eleven convenience stores to post a record operating profit for the year ended in February.
In Hong Kong, shares of PetroChina fell 1.4%, and Foxconn International Holdings Ltd. shed 1%, after each posted downbeat results.
Banking heavyweight HSBC Holdings PLC , which has a significant presence in Europe, shed 1.2% amid concerns over Cyprus.
However, China Unicom Hong Kong Ltd. jumped 3.7% after posting strong earnings for 2012.
In Sydney, National Bank of Australia Ltd. rose 0.9%, and apparel company Billabong International Ltd. soared 7.9% to recover losses posted the previous day.
Contracting firm Leighton Holdings Ltd. slumped 6.9% after the firm announced the resignation of its chairman and two directors, over a potential breakdown in its relationship with major shareholder Hochtief AG.
In Seoul, shares of SK Telecom Co. dropped 1.9%, extended losses in the wake of a major cyberattack believed to be the work of North Korea.
In other markets;
The Shanghai CSI 300 Composite 300 index eked up 3.32 points, or 0.1%, to 2,618.31
In Korea, the Kospi Index shed 2.11 points, or 0.1 %, to 1,948.71
In Taiwan, the Taiex Index slipped 15.62 points, or 0.2%, to 7,796.22
The Singapore Straits Times Index slipped 9.08 points, or 0.3%, to 3,258.57
In New Zealand, the NZX 50 index inched up 0.38 points to 4,342.89
In Australia, the S&P/ASX added 7.86 points, or 0.2%, to 4,967.26
