Investing.com - Asian stocks traded broadly lower Wednesday as investors continued to grapple with Tuesday’s disappointment provided by the Bank of Japan.
In Asian trading Wednesday, Japan’s Nikkei 225 lost 1.71% a report showed Japanese core machinery orders fell 8.8% in April. Economists expected a decrease of 8.2%. Unadjusted core orders also fell 1.1% on a year-over-year basis. Machinery orders are considered to be an important sign of capital investment.
Separately, the Bank of Japan said that Japan’s Corporate Goods Price Index rose 0.6% last month following a flat reading in April. Analysts had expected the 0.6% increase.
Those reports comes a day after after BoJ concluded a meeting by abstaining from introducing new stimulus measures such as asset purchases, which tend to weaken a currency to spur recovery.
The Bank of Japan's decision disappointed market expectations for measures to ease volatility in the government bond market following its latest policy meeting. Tuesday’s jump for the yen was the currency’s largest one-day pop in three years.
Hong Kong’s Hang Seng slipped 1.2% while the Shanghai Composite remained closed for a public holiday.
Amid ongoing weakness in mining and materials shares, Australia's S&P/ASX 200 dropped 0.7%. That sent Australian equities in an official correction, meaning a 10% decline from the most recent peak.
Earlier Wednesday, National Australia Bank said it expects the Aussie will fall below 93 cents against the greenback this year and 87 cents next year. NAB’s forecast comes a day after the Aussie fell to a 33-month low against the greenback.
New Zealand’s NZSE 50 fell 0.28%. South Korea’s Kospi gave up 0.14% after the Korea National Statistical Office said that South Korean unemployment inched up to 3.2% last month from 3.1% in April. Analysts expected the jobless rate in Asia’s fourth-largest economy to stay at 3.1%.
Singapore’s Straits Times Index fell 0.31% while S&P 500 futures rose 0.16% a day after the benchmark U.S. index fell 1.02%.
In Asian trading Wednesday, Japan’s Nikkei 225 lost 1.71% a report showed Japanese core machinery orders fell 8.8% in April. Economists expected a decrease of 8.2%. Unadjusted core orders also fell 1.1% on a year-over-year basis. Machinery orders are considered to be an important sign of capital investment.
Separately, the Bank of Japan said that Japan’s Corporate Goods Price Index rose 0.6% last month following a flat reading in April. Analysts had expected the 0.6% increase.
Those reports comes a day after after BoJ concluded a meeting by abstaining from introducing new stimulus measures such as asset purchases, which tend to weaken a currency to spur recovery.
The Bank of Japan's decision disappointed market expectations for measures to ease volatility in the government bond market following its latest policy meeting. Tuesday’s jump for the yen was the currency’s largest one-day pop in three years.
Hong Kong’s Hang Seng slipped 1.2% while the Shanghai Composite remained closed for a public holiday.
Amid ongoing weakness in mining and materials shares, Australia's S&P/ASX 200 dropped 0.7%. That sent Australian equities in an official correction, meaning a 10% decline from the most recent peak.
Earlier Wednesday, National Australia Bank said it expects the Aussie will fall below 93 cents against the greenback this year and 87 cents next year. NAB’s forecast comes a day after the Aussie fell to a 33-month low against the greenback.
New Zealand’s NZSE 50 fell 0.28%. South Korea’s Kospi gave up 0.14% after the Korea National Statistical Office said that South Korean unemployment inched up to 3.2% last month from 3.1% in April. Analysts expected the jobless rate in Asia’s fourth-largest economy to stay at 3.1%.
Singapore’s Straits Times Index fell 0.31% while S&P 500 futures rose 0.16% a day after the benchmark U.S. index fell 1.02%.