China's markets suffering their largest one-day percentage drop since Sept. 15, according to FactSet data. Analysts blamed factors such as Tuesday's decline by U.S. stocks and profit-taking after Chinese equities rallied in recent weeks.
The Nikkei 225 index rocketed 347.13 points, or 1.9%, to 18,554.28,
Markets in Hong Kong are closed for a holiday Wednesday.
Fortescue Metals Group was among the strongest stocks in Australia, rising 3.8% to its highest level in four months on heavy volume. BHP Billiton was 0.4% higher after it said Wednesday it would scale back investment plans for its petroleum division. Among Japanese shares,
Pioneer and Sony were among the strongest performers, up 7.3% and 3.4%, respectively.
In Singapore, Wilmar International was down as much as 1.3% at 3.13 Singapore dollars ($2.25 U.S.) a share, after Archer Daniels Midland increased its stake in the Asian agricultural business.
Wilmar shares rose 8.9% in the previous trading session before the firm said ADM had bought 22% of shares traded Tuesday.
In foreign-exchange markets, the Japanese yen was slightly weaker at ¥119.95 against the U.S. dollar, indicating a muted reaction to weaker-than-expected Japanese trade data.
Japan said early Wednesday that September exports grew 0.6% from a year earlier, undershooting the 3.4% forecast by economists.
Imports slumped 11.1%.
At Tuesday’s close in Asia, the U.S. dollar bought ¥119.64.
In the absence of major economic data, the main short-term focus for many traders is how companies have fared during the turbulent third quarter. Some of the region’s largest firms are scheduled to report results in the coming days.
CHINA
The CSI 300 in Shanghai slid 104.45 points, or 2.9%, to 3,473.25,
Stocks and currency markets have gyrated over the past three months on concerns about a slowdown in China and its impact on global growth. Data issued this week showed the world’s second-largest economy grew 6.9% in the third quarter, but many economists are skeptical of that figure.
In other markets
The Kospi index in Korea gained 3.62 points, or 0.2%, to 2,042.98
Taiwan’s Taiex index skidded 44.37 points, or 0.5%, to 8,609.23
In Singapore, the Straits Times Index regained 6.67 points, or 0.2%, to 3,025.70
The NZX 50 gained 22.77 points, or 0.4%, to 5,918.26
The ASX 200 Index picked up 12.73 points, or 0.2%, to 5,248.31
