Stocks in Asia took a negative lead from the U.S., where stocks on Wall Street slumped for the second consecutive session after data from Europe showed first-quarter economic output rose just half as much as expected.
Japan’s Nikkei 225 index dumped 201.62 points, or 1.4%, to 14,096.59
The negative sentiment was evident in a strong yen. The U.S. dollar lost 0.3% against the Japanese currency overnight and fell further in Asia. It was last at ¥101.44 compared with ¥101.58 late Thursday in New York.
The Hang Seng Index in Hong Kong moved down 17.95 points, or 0.1%, to 22,712.91
Over the past two years, May has proved to be a period of weakness for Asian stocks. Last year, markets were hit by fears that the U.S. Federal Reserve was about to cut its bond-buying program, and in 2012 the euro-zone crisis rocked global markets.
Stocks have been more resilient this May, though the Nikkei is down 1.5% so far in the month. Hong Kong and South Korea are both up more than 2%
In other markets;
Shanghai’s CSI 300 Composite eked up 1.87 points, or 0.1%, to 2,145.95
Taiwan’s Taiex Index gained 7.80 points, or 0.1%, to 8,888.45
Singapore’s Straits Times Index dropped 9.90 points, or 0.3%, to 3,262.59
Korea’s Kospi index inched up 3.24 points, or 0.2%, to 2,013.44
New Zealand NZX 50 index fell 8.77 points, or 0.2%, to 5,186.19
Australia’s S&P/ASX 200 slumped 31.80 points, or 0.6%, to 5,479.04
