Yen hits Tokyo stocks, Asia slips again


Hong Kong's market is showing the steepest losses, after the city saw its jobless rate hit another record high

HONG KONG, China (CNN) -- Asian stocks are lower on Wednesday, following through on Tuesday's slide in Asia and on Wall Street.

But the losses are slight in Tokyo. The Topix broke for midday down 0.17 percent at 982.92. The Nikkei lost a similar amount, ending down 0.19 percent at 10,230.48.

All other markets are down, barring a narrow gain from one of China's B share markets. Australia is off 0.95 percent in early afternoon, with New Zealand also down.

Taiwan and Hong Kong are lower, too. South Korea's market is closed for a holiday on Wednesday but reopens on Thursday. It closed down 1.54 percent on Tuesday.

Sony, Toyota selling


Major exporters such as Toyota and Sony are selling off in Tokyo, mainly due to pressure from a yen at 115 to the buck

In Tokyo, the yen stands at 115.93 to the U.S. dollar, renewing concern about currency impact on exporters' bottom lines. It hit a 17-month low of 115.50 in New York trade.

Electronics exporter Sony is down 3.3 percent to 5,610 yen. It gets two-thirds of sales outside of Japan. Toyota is off 1.2 percent at 2,935 yen.

NTT DoCoMo is easing the selling pressure, up 1.6 percent at 248,000 yen after setting a 10-month low on Tuesday.

Hang Seng off the most in Asia

Hong Kong's Hang Seng is showing the largest losses of the major Asian markets. It is off 1.8 percent at 10,233.63 shortly after 11 a.m. local time.


The dollar's slide, most evident in the yen rate, has meant strength for most Asian currencies that aren't pegged

The city released another record high jobless rate on Tuesday, at 7.7 percent. Economists say the situation may well get worse (full story).

The city's main airline, Cathay Pacific, is off 4.4 percent at HK$11.95. Bank stock HSBC is a big drag on the market, down 1.44 percent at HK$85.75.

Hong Kong's losses were outdone by Wall Street overnight. The Dow Jones industrial average sold off 1.92 percent. The S&P 500 lost 1.85 percent.

That was despite some upbeat comments on the U.S. economy from U.S. Federal Reserve Chairman Alan Greenspan.

Nasdaq held up better

Nasdaq was again steady relative to other indexes, down just 0.53 percent as techs again held up while the broad market dropped (full U.S. roundup).

Elsewhere in the Asia Pacific, Sydney's S&P/ASX 200 is down 0.95 percent at 3,127.8. Mining stock WMC is off 0.5 percent at A$8.16 after surprising the market with an earnings warning on Tuesday.

Australia's biggest grocer, Woolworths, is down 3.8 percent at A$11.97 as some investors shift out of defensive plays.

News Corp. is bucking the trend, up 0.7 percent at A$10.07.

New Zealand's Top 40 is off 1.23 percent at 2,031.97. Carter Holt Harvey is down despite unveiling improved first-half earnings (full story).

Taiwan down on TSMC

Taiwan's Taiex is down 1.49 percent at 5,239.00 heading toward noon. It has mapped Nasdaq closely in 2002.

Its losses are steeper on Wednesday, thanks mainly to a 3.0 percent decline in chip foundry Taiwan Semiconductor Manufacturing Co., the largest listing.

Singapore's Straits Times index is down 0.32 percent at 1,580.82 at mid-morning. The market opened higher on bank-stock gains.

But those gains are paring as the day wears on. DBS Group is now flat at S$12.70.