Asian markets started the new quarter on the back foot Friday, trading lower despite better-than-expected China manufacturing surveys, as a reading on Japan's economy disappointed and traders awaited U.S. non-farm payrolls data later.
The Nikkei 225 in Tokyo fell another 594.51 points, or 3.6%, to 16,164.16, as markets digested the Bank of Japan's Tankan survey. The survey saw big manufacturers' business sentiment at its lowest in nearly three years, and it's set to weaken in the second-quarter
In Hong Kong, the Hang Seng Index withered 277.78 points, or 1.3%, to 20,498.92
The U.S. dollar weakened against the yen, with the pair trading at 112.20, compared with levels as high as 112.59 overnight. A stronger yen is generally bad for Japanese exporters as it makes exports more expensive and reduces the value of repatriated earnings.
Shares of major Japanese exporters were lower; Toyota fell 3.% while Honda suffered losses of 4.7% and Nissan saw a 4.3% decline.
Korea’s export-oriented economy released its March trade data earlier today, with exports down 8.2% and imports showing declines 13.8%.
In Australia, resources producers were up after see-sawing during the session, with shares of Rio Tinto gaining 1.1%, BHP Billiton higher by 0.7% and Fortescue Metals up 0.7%
CHINA
In Shanghai, the CSI 300 moved up 3.81 points, or 0.1%, to 3,221.90
Chinese producers were higher, with Baotou Steel up 1.7% and Baoshan Steel higher by 1.5%, while Yunnan Copper was up 1.8%
The Chinese yuan weakened against the dollar, with the pair trading at 6.4648. The People's Bank of China had fixed the yuan midpoint rate at 6.4585 on Friday, compared with Thursday's fix at 6.4612.
China's official manufacturing Purchasing Managers' Index (PMI) came in at 50.2 for March, above a forecast of 49.3 from a Reuters poll, returning to growth for the first time since July.
In other markets;
In Korea, the Kospi index faded 22.28 points, or 1.1%, to 1,973.57
In Taiwan, the Taiex Index plummeted 87.28 points, or 1%, to 8,657.55
In Singapore, the Straits Times Index lost 22.41 points, or 0.8%, to 2,818.49
In Australia, the ASX 200 reversed 83.4 points, or 1.6%, to 4,999.39
New Zealand’s NZX 50 deleted 44.21 points, or 0.7%, to 6,708.02
