Australia and Japan shares stumbled, but other Asia markets were mixed on Tuesday, as investors remained cautious before central bank meetings in the U.S. and Japan and on uncertainty over whether the U.K. will vote to remain in the European Union.
In Japan, the Nikkei 225 lost another 160.18 points, or 1%, on top of Monday’s 500-point-plus collapse to 15,859, on the back of a somewhat stronger yen.
In Hong Kong, the Hang Seng Index dropped 125.46 points, or 0.6%, to 20,387.53
The yen, considered a safe-haven currency, traded at 105.72 against the U.S. dollar, compared with levels around 105.83 on Monday afternoon.
Major Japanese export stocks ended mostly lower, with Toyota shares down 0.6%, Nissan down 0.5% and Honda off by 1.4%. A stronger yen is usually a negative for exporters as it reduces their overseas profits when converted into local currency.
Australian markets suffered, on the first day after the Queen’s Birthday commemorations, weighed by a 2.2% loss in the financials sub-index, which accounts for nearly half of the broader index.
Major Australian banks saw more than 2% losses each, with ANZ shares closing down 2.6% amid shaky investor sentiment across the region.
The Bank of Japan (BOJ) starts its two-day meeting on Wednesday. Economists expect the BOJ to ease policy this week.
Markets will also be watching the U.S. Federal Open Market Committee, which begins its two-day meeting starting on Tuesday.
In other markets
The Shanghai CSI 300 inched forward 9.64 points, or 0.3%, to 3,075.98
In Korea, the Kospi ditched 7.03 points, or 0.4%, to 1,972.03
In Singapore, the Straits Times Index doffed 17.1 points, or 0.6%, to 2,768.33
In Taiwan, the Taiex index hiked 39.9 points, or 0.5%, to 8,576.12
In New Zealand, the NZX 50 fell 89.32 points, or 1.3%, to 6,834.95
The ASX 200 returned from a long weekend to let go of 109.33 points, or 2.1%, to 5,203.26
