Japan’s Topix index tumbled almost 7 percent, the most since the aftermath of the March 2011 tsunami and nuclear disaster, as financial firms slid amid rising bond yields. Nikkei 225 Stock Average futures traded in Osaka and Singapore fell in after-hours trade, signaling further declines.
Asian stocks sank, with the regional benchmark index headed for the biggest drop since September 2011, as Japanese shares plummeted after preliminary China manufacturing data unexpectedly signaled a contraction and the yen strengthened.
Asian stocks slumped, dragging the MSCI Asia Pacific Index to a one-month low, as a record plunge in U.S. home sales and slowing export growth in Japan added to evidence a global economic recovery is weakening.
Tomomi Yamashita, a senior fund manager at Shinkin Asset Management Co. in Tokyo, which oversees about 500 billion yen ($5.6 billion), comments on the Bank of Japan’s policy decision today. The central bank kept its asset- purchase fund unchanged at 76 trillion yen ($813 billion) ahead of Governor Masaaki Shirakawa’s resignation next month.
Asian stocks fell, with Japan’s benchmark index reaching a 16-month low, on signs the global recovery is slowing. The yen retreated from a 15-year high on prospects authorities will act to stem its gains, and oil prices snapped a five-day loss.
Japanese stocks fluctuated as China- related companies fell on concern the country’s economic growth will slow, while chip shares rose for a second day after Intel Corp. forecast sales that may exceed analyst estimates.