Japanese stocks plunged on Thursday, with the Nikkei Stock Average again diving more than 5% on heavy selling, amid concerns about market volatility as the dollar slid closer toward the 100-yen level.
The Nikkei 225 capsized 737.43 points, or 5.2%, to 13,589.03, its first close below the 14,000 level since May 2
In Hong Kong, the Hang Seng Index fell 70.62 points, or 0.3%, to 22,484.31
Data released Thursday by the Ministry of Finance showed Japanese residents sold overseas stocks and bonds worth as much as ¥1.22 trillion ($121 billion U.S.) in the week to May 25, including foreign bond sales of ¥1.12 trillion.
Given the forex moves, exporters were among the major decliners in Tokyo. Sharp Corp. lost 7.3%, heavyweight fashion retailer Fast Retailer Corp. plummeted 11.1% and Hino Motors Ltd. skidded 6.1%.
Among other notable losers, telecommunications firm KDDI Corp. lost 6.7%, Sumitomo Mitsui Trust Holdings Inc. skidded 7% and Dainippon Sumitomo Pharma Co. lost 6.9%.
The plunge came even as the yields on 10-year Japanese government bonds slumped five basis points to 0.89%, according to FactSet data.
In Australia, some of the major miners took a hit after a drop in iron-ore prices, with Fortescue Metals Group Ltd. diving 5.1%, while larger rival BHP Billiton Ltd. traded down 1.2%.
Among banks, National Australia Bank Ltd. tumbled 4%.
Australia’s market also suffered a drag from capital-spending data showing firms scaling back their investment plans in the first quarter as the mining boom slows. BlueScope Steel Ltd. traded 2.9% lower following the data release.
Hong Kong-listed real-estate shares were among the leading decliners there, extending recent losses amid concerns about possible new tightening measures in the mainland Chinese property market.
New World Development Co. fell 3.3%, while Gemdale Corp. dropped 1.1% in Shanghai.
Airline shares also took a beating after reports that Civil Aviation Administration of China was allowing the creation of two new airlines following what The Wall Street Journal said was a six-year ban on new carriers.
In Hong Kong, China Southern Airlines Co. dropped 3.4%, and China Eastern Airlines Corp. lost 2.9%.
In Taipei, a Dow Jones Newswires report that Apple Inc. was considering moving away from the Foxconn Group for its production needs helped to send shares of the group’s companies lower.
Foxconn Technology Co. lost 1.5%, while Hon Hai Precision Industry Co. gave up 1.4%.
CHINA
In Shanghai, the CSI 300 Index stumbled 8.24 points, or 0.3%, to 2,634.32
Among movers in the mainland markets, shares of Henan Shuanghui Investment & Development Co. jumped 8.7% in Shenzhen after announcing plans to buy U.S. pork producer Smithfield Foods Inc. for about $4.8 billion.
In other markets;
Singapore’s Straits Times Index gave back 31.46 points, or 0.9%, to 3,336.01
In Korea, the Kospi Index added 9.67 points, or 0.5%, to 1,995.89
Taiwan’s Taiex Index tumbled 94.61 points, or 1.1%, to 8,243.29
The New Zealand Exchange 50 Gross Index gained 19.10 points, or 0.4%, to 4,497.35
Australia’s S&P/ASX ditched 44.05 points, or 0.9%, to 4,930.68
