Investing.com - Asian stock markets sold off on Wednesday, with Japan plunging nearly 3% as a stronger yen weighed on sentiment.
During late Asian trade, Hong Kong's Hang Seng fell 1.3%, China’s Shanghai Composite declined 0.57%, Australia’s S&P/ASX 200 closed 0.83% lower, while Japan’s Nikkei 225 ended down 2.93%.
Asia was given a negative lead from the U.S., where a rout in internet stocks drove the Nasdaq down 1.4%.
In Tokyo, the Nikkei fell to the lowest level since April 16 as traders continued to monitor movements in the currency market. USD/JPY hit a daily low of 101.42, moving off the previous session’s high of 102.14.
Automakers Toyota (TOKYO:7203) and Mazda (TOKYO:7261) saw shares drop 2.15% and 4.9% respectively, while Sony (TOKYO:6758) and Panasonic (TOKYO:6752) retreated 2.2% and 3.4%.
Index heavyweight Softbank (TOKYO:9984) tumbled 5.1% after Alibaba filed for a $1 billion initial public offering in New York on Wednesday. Softbank owns 34% of the Chinese e-commerce giant.
Meanwhile, in Australia, the ASX/200 Index fell to a three-week low as losses in the financial and mining sectors weighed on the benchmark index.
Commonwealth Bank Of Australia (ASX:CBA) fell 0.9%, ANZ Banking Group (ASX:ANZ) and National Australia Bank (ASX:NAB) declined 0.9% and 0.8%, while Westpac Banking Corporation (ASX:WBC) shed 0.55%.
Mining heavyweights BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) dropped 1.3% and 1.4%, while Fortescue Metals Group (ASX:FMG) and Atlas Iron (ASX:AGO) tumbled 3.5% and 4.6%.
Elsewhere, shares in mainland China and Hong Kong ended lower amid ongoing concerns over the health of China’s economy.
Index heavyweights Lenovo Group (HK:0992) and Tencent (HK:0700) lost 4.8% and 4.4% respectively.
Looking ahead, European stock market futures pointed to a lower open as concerns over the escalating conflict in Ukraine bolstered safe haven demand and investors awaited testimony from Federal Reserve Chair Janet Yellen later in the trading day.
The Euro Stoxx 50 futures pointed to a loss of 0.4%, France’s CAC 40 dipped 0.3%, London’s FTSE 100 indicated a decline of 0.35%, while Germany's DAX futures shed 0.5%.
Across the Atlantic, U.S. equity markets also pointed to a weak open. The Dow pointed to a drop of 0.1%, S&P 500 inched down 0.1%, while the Nasdaq 100 indicated a decline of 0.1%.