Stocks in Asia declined on Friday as fears over the spread of the coronavirus globally drove investors to safety.
The Nikkei 225 collapsed 805.27 points, or 3.7%, to 21,142.96. Data on Friday showed retail sales in Japan declining 0.4% year-on-year in January. That compared against a median market forecast for a 1.1% decline.
The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, changed hands at 108.53 per U.S. dollar after seeing levels above 111.2 earlier in the trading week.
In Hong Kong, the Hang Seng Index reversed 648.69 points, or 2.4%, to 26,129.93.
Market movements in recent days have resulted in seven major Asia-Pacific markets falling into correction territory, including Japan’s Nikkei 225 and South Korea’s Kospi.
The rapid spread of the coronavirus outside of China, where the disease was first reported, has weighed on sentiment in recent days over its potential impact on economic growth and corporate earnings. In South Korea, more than 1,700 cases of infection have been confirmed, while over 600 people have contracted the virus in Italy so far.
The Australian dollar was at $0.6533 after seeing an earlier high of $0.6585.
In other markets
The CSI 300 tumbled 144.83 points, or 3.6%, to 3,940.05.
Markets in Taiwan were shuttered for holiday
In Korea, the Kospi index slid 67.88 points, or 3.3%, to 1,987.01
In Singapore, the Straits Times Index dropped 100.62 points, or 3.2%, to 3,011.08
In New Zealand, the NZX 50 dumped 176.01 points, or 1.5%, to 11,261.16
In Australia, the ASX 200 skidded 216.65 points, or 3.3%, to 6,441.20
