Yen weighs on Japan stocks as Asian markets slide

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Stock markets in the region were mixed as Tokyo bore the brunt of a stronger yen in morning trade.

The Topix index was 1.2 per cent lower with heavy losses across the board. Worst off were the energy segment, down 2.1 per cent, and financials, down 1.6 per cent.

Shares in Toshiba dropped as much as 3.6 per cent after the company on Tuesday warned of “substantial doubt” about its ability to stay in business.

In Sydney the S&P/ASX 200 was flat as telecoms stocks dropped 7 per cent, offsetting gains elsewhere. Shares in sector juggernaut Telstra tumbled as much as 7.6 per cent on news that rival TPG Telecom was planning a rival mobile network in Australia.

Hong Kong’s Hang Seng index was off 0.1 per cent, a comparatively minor drop after the benchmark closed Tuesday down 0.7 per cent amid a broad sell-off. China Mengniu Dairy was down 1.2 per cent after ABC International cut its recommendation on the company’s stock from hold to sell.

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