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| Japanese markets fall 3% at the close on yen strength | |
| (about 1 hour later) | |
| Japanese shares have started the week with sharp falls, as a surge in the yen hurt shares in big exporting firms. | |
| The benchmark Nikkei 225 ended 3.1% lower at 16,174 - higher than its lowpoint for the trading session, but still the lowest close since 12 April. | |
| Shares of Japanese carmaker Toyota closed down 3.8%, Nissan Motor dropped 5% and Honda Motor shed 4%. | |
| The yen shot up after the Bank of Japan (BOJ) decided not to launch fresh economic stimulus last week. | The yen shot up after the Bank of Japan (BOJ) decided not to launch fresh economic stimulus last week. |
| On Friday the yen was at about 108 yen against the dollar. It strengthened a little on Monday to around 106.31 yen. | On Friday the yen was at about 108 yen against the dollar. It strengthened a little on Monday to around 106.31 yen. |
| In South Korea the Kospi ended Monday's session lower, by 0.8% at 1,978.15 points. And that is also a three-week low. | |
| Australian earnings | Australian earnings |
| In Australia, the benchmark S&P ASX 200 finished lower by 0.18% at 5,243 points. | |
| Shares in Australia's third largest lender, Westpac, closed down 3.54% on the Sydney stock market, after having lost as much as 5.7% earlier in the session. | |
| It reported a 3% rise in profits for the six months to March. | It reported a 3% rise in profits for the six months to March. |
| Earnings rose to A$3.9bn ($2.96bn; £2.02bn), however industry analysts were expecting the figure to come in just above A$4bn. | Earnings rose to A$3.9bn ($2.96bn; £2.02bn), however industry analysts were expecting the figure to come in just above A$4bn. |
| Westpac has attributed the shortfall to higher debt charges. | Westpac has attributed the shortfall to higher debt charges. |
| Also in Australia, the country's Treasurer Scott Morrison will deliver the federal budget for 2016-2017 on Tuesday evening. According to local media, there will be tax cuts for business in the budget. | Also in Australia, the country's Treasurer Scott Morrison will deliver the federal budget for 2016-2017 on Tuesday evening. According to local media, there will be tax cuts for business in the budget. |
| But ahead of the budget, the country's central bank - The Reserve Bank of Australia - will hold its annual meeting on interest rates. The key lending rate in Australia is at a record low of 2%. | But ahead of the budget, the country's central bank - The Reserve Bank of Australia - will hold its annual meeting on interest rates. The key lending rate in Australia is at a record low of 2%. |
| Chinese data | Chinese data |
| Figures from the weekend showed that there could be some stability in China, the world's second biggest economy. | Figures from the weekend showed that there could be some stability in China, the world's second biggest economy. |
| The official purchasing managers' index (PMI) on Sunday showed a reading of 50.1 for April, compared to 50.2 in March. | The official purchasing managers' index (PMI) on Sunday showed a reading of 50.1 for April, compared to 50.2 in March. |
| A figure above 50 indicates an expansion. The PMI tracks activities in factories and workshops. | A figure above 50 indicates an expansion. The PMI tracks activities in factories and workshops. |
| Markets in China and Hong Kong are shut on Monday for the Labour Day holiday. | Markets in China and Hong Kong are shut on Monday for the Labour Day holiday. |