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Yen strength drags down Japan exporters Fast Retailing drags down Japan markets
(about 5 hours later)
Falls on Wall Street have been followed by many Asian markets opening down on Friday. Markets in Japan, South Korea, Hong Kong and Shanghai were all trading lower, following the weak performance on Wall Street overnight.
Japan's benchmark Nikkei 225 has shed 1.48% or 221.56 points at the start to 15,516.17. In Japan, the benchmark Nikkei 225 had fallen 88 points or 0.56% to 15,661.63 by midday.
The strength in the Japanese yen is in putting pressure on shares in exporting companies. The yen surged to a 17-month high against the US dollar overnight. The biggest loser was Fast Retailing, which saw its shares decline by 12%.
The dip in the US currency follows the release of Federal Reserve minutes. The firm, which owns the Uniqlo clothing brand, is forecasting a 45.5% drop in net profit for the business year to August.
The company cited warmer than expected weather, which has hit demand for Uniqlo's popular thermal wear.
Its earnings announcement for the six months to February showed poor sales for Uniqlo in Japan, as well as greater China, South Korea and the US.
Shares of companies reliant on exports were also lower, including Sony and Bridgestone, because of the recent surge of the Japanese yen.
The yen rose to an 18-month high against the US dollar overnight, at about the 108 level. The dip in the US currency follows the release of Federal Reserve minutes.
The minutes published earlier this week pointed to concerns about the US central bank's limited ability to tackle a global economic slowdown.The minutes published earlier this week pointed to concerns about the US central bank's limited ability to tackle a global economic slowdown.
US stocks closed lower overnight on renewed concerns about the state of the global economy.US stocks closed lower overnight on renewed concerns about the state of the global economy.
Over in South Korea the benchmark Kospi index has also opened down by 0.65% or 12 points at 1,961.10. In South Korea, the benchmark Kospi index has retreated by 0.8% to 1,959.48.
In Australia, the benchmark S&P/ASX 200 kicked off Friday's trading session in the red, giving up 50 points or 1% and the index is hovering around 4,915.70. In Hong Kong the Hang Seng was lower by 0.9% to 20,092.67. Meanwhile, China's Shanghai composite index lost 1.1% and was trading at about 2,974 at midday local time.
In Australia, the benchmark S&P/ASX 200 fell by 20 points or 0.4% at midday to 4,943.60.