Asian markets were mixed Wednesday, with China shares dropping, as analysts pointed to renewed investor concerns over the mainland's economy following lower-than-expected trade data for February.
The Nikkei 225 lost 140.95 points, or 0.8%, to 16,642.20
In Hong Kong, the Hang Seng index dropped 15.32 points, or 0.1%, to 19,996.26
The Japanese yen maintained its strength against the U.S. dollar at the 112 handle, off levels above 113 touched Tuesday. The dollar/yen pair traded at 112.56.
Major exporters in Japan finished mostly down, with Toyota losing 0.2%, Nissan off by 1.3% and Honda lower by nearly 1%. Electronics maker Sony, however, finished up 2.4%. A stronger yen is usually a negative for exporters as it affects their overseas profits when converted into the local currency.
In corporate news, Japan's Nikkei newspaper reported that Canon is a front-runner to buy Toshiba's healthcare business, with a bid of over 700 billion yen ($6.21 billion U.S.). Toshiba is undergoing a restructuring following an accounting scandal in 2015.
Other bidders for Toshiba's healthcare business include Fujifilm, as well as a coalition of Konica Minolta and European private equity fund Permira, reported the Nikkei.
Shares of Toshiba were down 2.3% while Canon shares reversed losses to close up 0.9%
Mining stocks in Australia ended mixed, with major players Rio Tinto down 2.1% BHP Billiton lower by 1.9% and Fortescue falling 2.9%. Shares of South32 closed up 4.9%.
Gold miners in Australia saw their shares slide, with Newcrest lower by 2.9% and Alacer Gold losing 2.9%
Oil plays in the region were sharply lower, with Santos down 2.6%, Woodside Petroleum falling 2.7% Inpex lower by 2.6% and Japan Petroleum losing 0.6%.
CHINA
The Shanghai CSI 300 index retreated 35.77 points, or 1.2%, to 3,071.91
China's February trade data showed exports fell 25.4% on-year and imports declined 13.8% clocking far bigger slides than expected by analysts.
Chinese metal plays were also sharply lower. Shares of Shandong Jinling Mining closed down 8%, Yunnan Copper slipped 7.6% and Nanjing Steel was lower by 5.1%
Chinese mainland energy plays were sharply lower, with Sinopec dropping 7.6% and China Oilfield declining 3.8%
In other markets;
In Korea, the Kospi index recovered 6.83 points, or 0.4%, to 1,952.25
In Taiwan, the Taiex Index faded 30.2 points, or 0.4%, to 8,634.11
In Singapore, the Straits Times Index won back 31.66 points, or 1.1%, to 2,810.43
The NZX 50 in New Zealand gained 10.54 points, or 0.2%, to 6,457.26.
In Australia, the ASX 200 moved higher 49.23 points, or 1%, to 5,157.19
