Asian share markets mostly tumbled Friday, dragged down by dismal economic data and corporate earnings forecasts, as well as overnight Wall Street losses.
Japan's Nikkei 225 Stock Average ended 257.2 points, or 3.1%, lower to 7,994.05. Meanwhile, Hong Kong's Hang Seng index actually gained ground, 0.9% or 123.78 points at that, to 13,278.21
A record 9.6% plunge in Japan's December industrial output - worse than expected and following an 8.1% fall in November - hurt the Nikkei.
Shares of Toyota Motor Corp were down 3.9%, after the Nikkei reported its group operating loss for the year ending March 31 was likely to balloon to Y400 billion from the Y150 billion it projected just a month ago. It also reported that the company suspended operations at 11 of its 12 domestic plants Friday as part of production adjustments amid slumping sales.
Among other exporters, Canon was down 5.1%, while Nikon was 4.2% lower.
Japanese government bonds opened slightly up on the weak domestic data. But lead March JGB futures turned flat as some experts said the downside was likely to be very small compared with losses in U.S. Treasurys overnight.
Australian shares resisted a deep drop, cushioned by expectations that the central bank will slash interest rates 100 basis points next week. Among big-name miners, Rio Tinto was down 3.1% while BHP Billiton slipped 1.7%.
In South Korea, economists were predicting double-digit declines from year-earlier levels in Korean industrial production for December. Dampening market sentiment in Seoul was North Korea's threat to scrap all political and military accords and nullify a maritime border in the Yellow Sea.
Elsewhere:
Markets in China and Taiwan remain closed for the Lunar New Year.
Korea’s Kospi Index was off 4.45 points or 0.4% to 1,162.11
Singapore’s Straits Times Index tumbled 20.25 points, or 1.2%, to 1,746.47
In Australia, the All Ordinaries 200 Index gained 14.50 points, or 0.4%, to 3,540.70
New Zealand shares were up 22.22 points, or 0.8 %, to 2,770.12
