• Inside Labour

    Terry Bell explores the connection between poultry, poverty and desperation.

  • A new ANC sweeper?

    Have the Guptas' new auditors mastered how to look the other way on cue, asks Solly Moeng.

  • Strategy for the big boys

    Formulating strategy across the span of huge companies is a marathon, says Ian Mann.

All data is delayed
Loading...
See More

Asia mixed as yen drives down Tokyo stock

May 30 2013 07:07
AFP

Hong Kong - Asian shares were mixed on Thursday, with a stronger yen driving down Tokyo stocks as investors weighed the implications of a potential softening of the US Federal Reserve's aggressive stimulus programme.

Tokyo stocks tumbled nearly 3% as jittery investors dumped shares following a sharp fall on Wall Street on the back of concerns over global growth.

Hirokazu Kabeya, senior strategist at Daiwa Securities, said "investors still remain shaken-up" after the recent volatile trade in Tokyo, including a single-day loss of more than seven percent last week.

"They don't see any indication of the downward trend coming to a halt," he said.

In other markets, Sydney fell 1.34%, Hong Kong slipped 0.21%, but Seoul climbed 0.26% while Shanghai traded flat.

The Dow Jones Industrial Average fell 0.69% to 15 302.80 on Wednesday due to concern over the global economy and the recent surges in US bond yields.

The losses came on rising concerns that the US Fed could soon begin reducing its monetary stimulus plan, hiking fears of a major correction on Wall Street after it touched fresh all-time highs in recent sessions.

Sentiment was also downbeat after the Organisation for Economic Cooperation and Development on Wednesday trimmed its world economic growth forecast for 2013 from 3.4% to 3.1%.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

hong kong  |  currencies

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...