Asia stocks tumble as Syria war jitters weigh; Nikkei ends down 1.5%
investing.com -- Aug 28
Asian stock markets tumbled in risk-off trade on Wednesday, as mounting concerns over U.S. military action against Syria fuelled investor demand for safe haven assets.
Ongoing uncertainty over the timing of the Federal Reserve's widely expected reduction in monthly bond purchases also weighed. The Fed's stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
In Tokyo, the Nikkei fell to a two-month low as the yen strengthened against the U.S. dollar, weighing on sentiment.
USD/JPY fell to hit a session low of 96.86, moving off the previous session's high of 98.34. A stronger yen reduces the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.
Automakers Toyota and Honda saw shares drop 2.3% and 2.4% respectively, while consumer electronics makers Sony and Sharp fell 3.5% and 2%.
Japanese megabanks were also lower with shares of the nation's largest lender Mitsubishi UFJ Financial Group shedding 2%, while Mizuho Financial Group and Nomura Holdings declined 1.5% and 3.5% respectively.
Index heavyweights Fast Retailing and Softbank saw shares drop 0.8% and 1.9% respectively.
Two death-row inmates were hanged Thursday in the fourth round of executions since the launch last December of Prime Minister Shinzo Abe's government, Justice Minister Sadakazu Tanigaki said. (Japan Times )
Japan's Supreme Court has upheld the petition of a female-to-male transgender man to be recorded on the official family registry as the father of a boy born to his wife after the use of semen from a donor, it was learned on Wednesday. (Jiji Press )
Japan is likely to achieve its goal of drawing 10 million foreign travellers in 2013 as government data showed Wednesday that the number of foreign visitors to Japan totalled about 9.5 million between January and November. (Bangkok Post )
The number of shoplifting cases accounted for nearly 10 pct of all criminal offenses recognized by Japanese police, with the rate increasing, a National Police Agency survey showed Wednesday. (Jiji Press )
A 43-year-old woman and other six boys and girls aged 14 to 18 years have been arrested by police in the western Japanese prefecture of Hyogo in connection with the abuse of a 15-year-old junior high school student, local press reported on Tuesday. (Global Times )