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.

Source: investing.com
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