Markets in Asia sold off on Wednesday, as investors scurried into safe-haven plays on global growth concerns, sending bond yields to record lows.
In Japan, the Nikkei 225 plummeted 290.34 points, or 1.9%, to 15,378.99, on fresh yen strength.
In Hong Kong, the Hang Seng Index retreated 255.43 points, or 1.2%, to 20,495.29
The Japanese yen, a safe-haven asset, traded at 101.04 against the U.S. dollar, after the pair traded as low as 100.56 earlier and compared with levels near 103 on Friday.
The yen strength saw Japanese exporters decline, with shares of Honda closing down 4.6%, Toyota off 1.7% and Nissan falling 2%.
Gold prices advanced, with spot gold up 0.8% at $1,366.51 U.S., compared with levels near $1,320 in the previous week. Gold miners in Australia bucked declines in the broader market to close up; Newcrest shares advanced 3.2%, while Evolution Mining was up 6.5%.
CHINA
The Shanghai CSI 300 eked up 9.42 points, or 0.3%, to 3,216.80.
In a speech on Monday, Chinese Premier Li Keqiang said it would not be easy for China to achieve a growth rate of 6.7% in the first quarter, according to Xinhua News Agency.
In other markets
Markets in Singapore were shuttered for holidays.
In Korea, the Kospi dropped 36.73 points, or 1.9%, to 1,953.12
In Taiwan, the Taiex index slid 140.32 points, or 1.6%, to 8,575.75
In New Zealand, the NZX 50 gained 6.24 points, or 0.1%, to 6,977.23
The ASX 200 skidded 30.5 points, or 0.6%, to 5,197.50
