Stocks in Asia Pacific dropped on Thursday after the International Monetary Fund slashed its economic forecasts again.
In Tokyo, the Nikkei 225 slumped 274.53 points, or 1.2%, to 22,259.79.
The Japanese yen traded at 107.12 per U.S. dollar in a volatile trading week that has seen it at levels below 106.4 against the greenback to its earlier low of 107.25.
In corporate news, shares of Olympus in Japan soared 11.15% on Thursday after the firm announced Wednesday it has signed a memorandum of understanding with investment fund Japan Industrial Partners to sell its camera division.
Markets in Shanghai, Hong Kong and Taiwan were shuttered for holiday.
The IMF now estimates a contraction of 4.9% in global gross domestic product in 2020, lower than the 3% fall it predicted in April.
"The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast," the IMF said Wednesday in its World Economic Outlook update.
The Australian dollar changed hands at $0.6862 after slipping from levels above $0.69 seen yesterday.
In other markets
In Korea, the Kospi dropped 49.14 points, or 2.3%, to 2,161.51
In Singapore, the Straits Times Index tumbled 38.47 points, or 1.5%, to 2,590.15
In New Zealand, the NZX 50 deducted 135.05 points, or 1.2%, to 11,124.36
In Australia, the ASX 200 fell 148.07 points, or 2.5%, to 5,817.68.
