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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%.


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