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.
Japan's farm ministry said Thursday that the highly pathogenic avian influenza found at a poultry farm in the southwestern Japan prefecture of Kumamoto has been confirmed to be the H5N8 subtype, the same virus strain as the bird flu found in South Korea. (Jiji Press )
Train operators in Tokyo and surrounding areas will be shutting down coin-operated luggage lockers at main stations before and during US President Barack Obama's visit next week, as a security measure. (NHK )
Just over one ton of water contaminated with radioactive particulates leaked from one of the containment vessels at the stricken Fukushima Daiichi nuclear plant on Wednesday, Tokyo Electric Power Co (TEPCO) said. (Japan Today )
Japan is expected to secure the minimum required power supply capacity when electricity demand peaks in August, even if all the country's nuclear reactors remain offline, estimates by major regional utilities showed Thursday. (Kyodo )
Tochigi prefectural police said Thursday that they are questioning a man in his 30s over the murder of a 7-year-old girl in December 2005. Japanese media quoted police as saying that the man, who was arrested for dealing in fake brand-name goods, has hinted at his involvement in the murder. (Japan Today )
People enjoy viewing the 15-meter snow walls of the Yuki no Otani (Great Snow Valley), along the Tateyama Kurobe Alpine Route that passes through the Northern Japan Alps to link Toyama and Nagano prefectures. (The Japan News )
Tokyo prosecutors plan to look into whether a man, who has been arrested for allegedly vandalizing copies of Anne Frank's diary, is mentally competent to be held criminally responsible for his actions, informed sources said Wednesday. (Jiji Press )