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Stronger yen causes Nikkei slide

12th March 2014

Ongoing concerns regarding the health of the Chinese economy have continued to weigh on Asian markets today (March 11th).

Taking their cue from a soft close on Wall Street, traders cited simultaneous fears over the tensions in Ukraine and China's progress as they moved away from riskier assets. 

As a result, the Japanese yen strengthened against the dollar in forex trading markets, reducing repatriated earnings for Tokyo's heavyweight exports.

The Nikkei 225 consequently dropped sharply, ending the session down by 2.59 per cent at 14,830.39 points. Mazda and Nissan led the losses with shares falling by three per cent and two per cent respectively.

Chinese stocks weakened amid speculation further domestic bond defaults may be forthcoming. The Shanghai Composite closed 0.2 per cent lower, while Hong Kong's Hang Seng slumped by 1.6 per cent.

In Australia, weak commodity prices dragged markets lower, causing the ASX/200 to lose 0.55 per cent, with PanAust and Oz Minerals shedding four per cent and 2.5 per cent respectively.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.