Asian Shares Tumble, Nikkei Falls Against Yen

May 3, 2016

Japan’s Nikkei fell after the dollar roughly hit an 18-month low against the yen, which sent Asian shares to stumble.

Analysts forecast that Germany’s DAX would hit 0.06 percent higher when the market opens, while France’s CAC 40 was anticipated to remain steady. Meanwhile, UK markets are closed due to a public holiday.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4 percent, after Wall Street witnessed losses followed by sluggish earnings.

It was reported that activity in China’s manufacturing sector grew for two straight months in April, hitting marginally alone.

In addition, concerns were raised over the steadiness of a recent-pick up in the economy.

Meanwhile, Australian shares dropped 0.3 percent after seeing weaker results from Westpac Banking Corp.

A policy review meeting is anticipated from Australia’s central bank board on Tuesday and its cash rate is highly expected to post 2.0 percent, though, according to a few analyst they are expecting a cut.

Markets were closed on Monday and countries included are Hong Kong, China, Taiwan, Singapore, and Malaysia.

Japan’s Nikkei stock index lost 3.1 percent at the close after investors respond to the recent dashing gains of yen.

Tyton Capital Advisor’s co-managing director, Martin King, said, "We've started the week with a precipitous drop in Japanese equity as the market responds to the strength of the yen."

Thin liquidity improved the activity movement, as Japan made its way in the middle of its Golden Week series of holidays. Markets were closed on Friday, and will also be closed on Tuesday, Wednesday and Thursday this week.

The greenback was slightly higher against the yen, hitting 106.51 after declining as low as 106.14, being its lowest level since October last year. It posted its worst week against the yen since the financial crisis eight years ago after the Bank of Japan aimed not to meet stimulus measures at its policy meeting.

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