Asian stocks were seen falling for the fourth day, as yen strengthened and lenders dropped, while the Chinese government attempt to boost growth failed.
The benchmark Nikkei 225 index dropped 2.44% lower to 13,785.63 points as of 1:44am GMT, while the broader Topix fell by 2.86% to 1,135.67 points at the same time.
Hong Kong’s Hang Seng dived 0.94% lower to 21,762.01 points as of 1:48am GMT, while the Chinese mainland Shanghai composite dropped 1:28% as of 2:03am GMT and the Korean benchmark Kospi index declined 0.05% to 1,909.90 points as of 1.41am GMT.
The New Zealand benchmark NZX 50 index fell 0.13% as of 1:40am GMT, while in Australia; the S&P/ASX 200 index advanced 0.09% higher to 5,046.30 points.
Among the Japanese exporters that dropped were the Tokyo vehicle manufacturers Toyota Motor Corp , as they declined 3.3% , while the Japanese yen was seen trading close to a one-month low to the U.S dollar . Toshiba fell by more than 5%, while JFE Holdings edged lower by 6%.
Japan’s biggest trading lender Mitsubishi UFJ Financial Group, declined 3.5%, extending its two month high weekly declines.
The Japanese yen was seen trading at ¥97.63 as at 2:08am GMT, as it continues to rally.
On Friday, the Finance Minster of China Lou Jiwei said that the Chinese government will increase efforts to increase the economy growth and the government will go through “a lot of difficulties and challenges” in achieving the goal.
Governor of the People’s Bank of China Zhou Xiaochuan said that China would continue to maintain a cautious monetary policy.
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