Japanese stocks fell sharply in late trading on Friday after a powerful earthquake rocked the country’s northern coast, triggering a tsunami and generating tremors that shook buildings in Tokyo.
The Nikkei 225 index in Tokyo dumped 179.95 points, or 1.7%, to 10,254.40
Hong Kong’s Hang Seng Index collapsed 365.11 points, or 1.6%, to 23,249.80.
News of the quake, which struck in the closing minutes of stock market trading in Tokyo, accelerated a fall caused after hefty overnight losses on Wall Street and amid lingering worries over the political turmoil in the Middle East.
The quake -- the worst ever in Japan since at least 1891 -- had a magnitude of 8.9 and its epicenter was 231 miles (about 370 kms.) northeast of Tokyo, according to the U.S. Geological Survey. Tsunami warnings were also issued for many other countries, including Mexico, New Zealand, Indonesia, Taiwan and the western coast of the U.S.
At least 26 persons were reported dead in Japan, among injured as nearly four million buildings in and around Tokyo losing power, while fires broke out in many buildings, according to media reports.
Shares of MS&AD Insurance Group Holdings Inc. fell 3.2%, Japan Petroleum Exploration Co. dropped 3.3% and Fast Retailing Co. gave up 2.9%.
Among the losers, China Overseas Land & Investment Ltd. fell 3% in Hong Kong.
Australian shares were lower across the board, slightly extending their losses after the China data. But tensions in the Middle East and Libya are a greater drag on Australian shares than the Chinese inflation figures.
Among heavyweight miners, Rio Tinto Ltd. was down 2% and BHP Billiton Ltd. fell 1%.
In volatile foreign-exchange trading, the yen fell sharply immediately after the earthquake was reported, before bouncing back against the U.S. dollar. The greenback was recently buying 82.79 yen, after moving in a range between ¥82.63 and ¥83.30.
In foreign-exchange trade, the euro was at ¥114.60, from ¥114.36 in late New York trade Thursday, and at $1.3829 U.S. from $1.3799 U.S. in late New York trade Thursday.
CHINA
Most Asian markets were already lower after China reported its monthly inflation data earlier in the day, raising fears of further monetary tightening in the country.
The Shanghai CSI 300 Index fell back 32.88 points, or 1%, to 3,247.38
China’s February consumer price index rose 4.9% from a year earlier, unchanged from 4.9% in January, but topped expectations for a 4.8% rise, according to the median forecast in a Dow Jones poll of analysts.
China’s producer price index, a measure of pipeline inflation pressures, rose 7.2% from a year earlier, up from January’s 6.6% rise and higher than expectations for a 7.0% rise.
The CPI report was "the single biggest sell factor this afternoon across all of Asia," according to one expert.
The fresh worries about more tightening measures from Beijing weighed on interest-rate sensitive stocks in Hong Kong and China. Among banks, China Merchants Bank Co. shed 2.6% in Hong Kong and 2.4% in Shanghai.
In other markets;
Taiwan’s Taiex Index dropped 75.08 points, or 0.9%, to 8,567.82
Korea’s Kospi Index let go of 26.04 points, or 1.3%, to 1,955.54
Singapore’s Straits Times Index skidded 31.95 points, or 1%, to 3,043.49
New Zealand’s NZX 50 stumbled 23.39 points, or 0.7%, to 3,382.84
Australia’s S&P/ASX 200 went lower 54.90 points, or 1.2%, to 4,644.80
