Asian markets fell Wednesday, with a stronger yen pulling Japanese stocks sharply lower, as the region reacted badly to a disappointing U.S. labour market report.
The Nikkei 225 index in Japan tumbled 287.20 points, or 2%, to 14,426.05, as the yen strengthened against the dollar. The dollar was at ¥97.28 late in Asia from ¥98.13 late Tuesday in New York.
Hong Kong’s Hang Seng Index plummeted 316.04 points, or 1.4%, to 22,999.95
The September U.S. jobs report provided an unclear outlook for the world’s largest economy, increasing market expectations the Federal Reserve will keep its bond-buying program in place.
In the currency markets, the jobs report pushed South Korea’s won to a nine-month high against its U.S. counterpart. The dollar was last at 1,056.96 won, compared with 1,060.80 won on Tuesday.
In corporate news, motor manufacturer Nidec Corp. jumped 4.5% in Tokyo after it increased its net profit forecast for the 2014 fiscal year, citing strong motor-vehicle product sales.
Also in Japan, Tokyo Electron Ltd. ended the day unmoved after a Nikkei report said the semiconductor company likely will post a ¥3-billion operating loss in the six-month period that ended in September. This was less than half the amount forecast.
CHINA
Shanghai’s CSI 300 let go of 27.40 points, or 1.1%, to 2,418.49, as investors sold small-cap stocks because of concerns over high valuations, with information-technology companies and telecom companies leading the declines.
The next data point for Asia will be preliminary Chinese manufacturing data for October, scheduled to come out Thursday. Late last week, growth data showed a third-quarter pickup in China’s economy from a slowdown earlier in the summer, and the factory numbers will be an early indicator of how the country is faring in the fourth quarter.
In other markets;
Korea’s Kospi Index descended 20.37 points, or 1%, to 2,035.75
Taiwan’s Taiex Index faltered 24.65 points, or 0.3%, to 8,393.62
The Singapore Straits Times Index lost 5.41 points, or 0.2%, to 3,204.80
In New Zealand, the Exchange 50 Gross Index bucked the trend and gained 44.61 points, or 0.9%, to 4,876.40
In Australia, the S&P/ASX 200 lost 17.05 points, or 0.3%, to 5,356.10
