Japanese stocks ended lower on Wednesday, snapping a five-session winning streak, as a stronger yen triggered profit-taking and dimmed the earnings outlook for exporters.
The Nikkei share average fell 1.6 percent to 16,955.73 points. Sell orders accelerated late in the day after the dollar fell below 110 yen, souring sentiment.
Shares of home appliance and electronics exporter Panasonic Corp slid 2 percent while Toyota Motor Corp declined 0.5 percent and tire maker Bridgestone Corp slipped 1.2 percent.
China stocks dipped on Wednesday following the previous day's sharp rally, as growing optimism about MSCI adding mainland stocks to its emerging markets index was offset by worries over China's economy and a looming U.S. rate hike.
The blue-chip CSI300 index fell 0.3 percent, to 3,160.55, while the Shanghai Composite Index dipped 0.1 percent, to 2,913.51 points.
There was little market reaction to the official and private surveys on China's manufacturing activity, which were roughly in line with expectations, underlining doubts that the world's second-largest economy is picking up.
David Dai, Shanghai-based investor director at Nanhai Fund Management Co, said any market rally was unlikely to be sustained.
"The economy is still weak, and the Fed will likely raise rates soon. I don't think the market will go up much further. The best strategy now is to take profit."
Hong Kong's benchmark stock index dipped on Wednesday, snapping a five-session winning streak, amid lingering worries about China's economy.
The Hang Seng index fell 0.3 percent, to 20,760.98. The China Enterprises Index was unchanged at 8,708.29 points.
nvestors are also cautious amid rising expectations that the U.S. Federal Reserve will raise interest rates soon.
Most sectors fell, but energy and IT shares rose sharply.
Reference: Reuters
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