Asian stock markets ended lower Wednesday after overnight losses in the U.S. on monetary-policy concerns, with Japan shares falling the most in nearly two months as exporters took a heavy hit from the yen’s advance.
Japan’s Nikkei 225 plummeted 576.12 points, or 4%, to 13,824.94, its worst one-day percentage loss since June 13.
Hong Kong’s Hang Seng Index got bruised 334.86 points, or 1.5%, to 21,588.84
Japanese equities took an additional hit from the yen, as the U.S. dollar fell as low as ¥96.74, according to FactSet, after having traded above the ¥98 level just over 24 hours earlier.
The higher yen hit exporters, which have benefited from a weaker currency.
Among them, Sony Corp. lost 4.3%, Tokyo Electron Ltd. retreated 6.7%, and Olympus Corp. slid 4.7%.
Shares of Suntory Beverage & Food Ltd., which debuted in Tokyo last month, gave up 2.9% of their value despite almost doubling its fiscal first-half profit.
Audio-tech firm Pioneer Corp. tumbled 8.7% after reporting a wider quarterly loss and slashing its fiscal-year profit outlook by more than 90%.
But on the upside, energy major Showa Shell Sekiyu K.K. surged 3.7% after hiking its own fiscal-year profit outlook by 85%.
In Sydney, the key mining and financial sectors were both heading lower, with Newcrest Mining Ltd. sinking 4.2% after benchmark Comex gold futures lost their grip on the $1,300-U.S.-an-ounce level in Tuesday trade.
Fortescue Metals Group Ltd. and uranium extractor Paladin Energy Ltd. also helped lead mining-share losses, dropping 4.6% and 7%, respectively.
Banks extended their weakness after the Reserve Bank of Australia’s Tuesday interest-rate cut, with National Australia Bank Ltd. off 1.7% and Macquarie Group Ltd. lower by 3%.
Chip shares traded lower in Seoul, where Samsung Electronics Co. fell 2.6%, and SK Hynix Inc. lost 3.6%, following a 0.7% drop for the NASDAQ.
Among Hong Kong stocks, the energy shares were a weak spot after crude-oil futures lost 1.2% during regular trade in New York.
Cnooc Ltd. slid 1%, and PetroChina Co. surrendered 2.7%, while China Petroleum & Chemical Corp. — better known as Sinopec — saw a 2.4% decline.
Casino shares were mixed, with Wynn Macau Ltd. rising 0.7%, but MGM China Holdings Ltd. dropping 4.6% after posting a quarterly loss.
In other markets;
The Shanghai Shenzhen CSI 300 lost 13.02 points, or 0.6%, to 2,280.62
Taiwan’s Taiex shed 117.62 points, or 1.5%, to 7,921.29
In Singapore, the Straits Times Index inched higher 5.02 points, or 0.2%, to 3,229.91
Korea’s Kospi Index dumped 28.29 points, or 1.5%, to 1,878.33
In New Zealand, the Exchange 50 Gross Index was lower 27.20 points, or 0.6%, to 4,548.31
In Australia, the S&P/ASX 200 skidded 94.33 points, or 1.9%, to 5,011.30
