The shares of the Tokyo Stock Exchange reported strong decrease on Wednesday session after the JPY rose in major cross rates. The additional pressure on the market applied and downs of the Wall Street indexes during the previous two sessions.
The Japanese benchmark Nikkei 225 fell with 2.59% to 14,830.39 points, returning once again in recent weeks under the key barrier of 15,000 points. The decline came after the JPY rose to a level of 102.8 JPY per USD, which weighed on the shares of the exporters. The automakers Toyota Motor and Honda Motor sank with over 2.0%, which Softbank and Fast Retailing has lost respectively 4.0% and 3.0%.
The Chinese Shanghai Composite decreased with 0.17% to 1,997.69 points, although much of the trade was in positive territory. Among the major losers were Petrochina and Sinopec, which sank by 2.2% and 5.0%. The banking stocks were in the limelight after the Chinese central bank signaled that it is ready to cut the minimum reserve requirements in order to support the economic growth. Minsheng Bank and Merchants Bank added 1.3% to their market capitalization.
The Australian shares dropped for the third consecutive session, as the S&P ASP 200 lost 0.55% 5,384.20 points. The main concerns continued to be associated with the Chinese economy. The part of mining companies again had a hard day. The market capitalization of Oz Minerals declined by 2.5%, while PanAust decreased with 4%. However the giants BHP Billiton and Rio Tinto added 0.2% to their shares prices.
The South Korean KOSPI lost 1.60% to its three-week low at 1,932.54 points. The Chinese market was also the base of the declise, as this is the largest market of the South Korean market. According to the analyzers the market has yet to shake off their fears of the corporate debt and the shadow Chinese banking. The steel producers and the chemical companies were under pressure amid the fears of a slowdown in China. Lotte Chemical and Hyundai Steel ended with a retreat of 4.5% and 3.6%. Meanwhile, South Korea signed a free trade agreement with Canada, which is expected to improve the situation of domestic automakers in North America. The shares of Kia Motors rose slightly by 0.5%, after the majority of the session were in negative territory.