SINGAPORE — Shares in Asia-Pacific dropped on Monday, as Japan’s markets plummeted. Meanwhile, China kept its benchmark lending rate unchanged.

Japanese stocks led losses regionally, with the Nikkei 225 falling 4% in Monday trade. It later pared some of those losses but still closed 3.29% lower at 28,010.93. The Topix index shed 2.42% to finish its trading day at 1,899.45.

Losses were seen in most sectors in Japan, with shares of automakers such as Nissan and Honda falling 4.07% and 3.93%, respectively. Shares of Fanuc slumped 5.62%. Among financials, Mitsubishi UFJ Financial Group shares fell 2.72% and Mizuho Financial Group declined 2.25%.

“At this stage, we’re probably in a holding pattern as far as most Japanese names are concerned,” Lorraine Tan, director of equity research in Asia at Morningstar, told CNBC’s “Street Signs Asia” on Monday.

“The Japanese market had had a nice run recently in the past month or so,” she said, adding…

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