Asian stocks fall after Yellen’s statements
Asia-Pacific markets tumbled on Friday as investors weighed in on words from US Treasury Secretary Janet Yellen, who said federal emergency measures could be used again if needed to support bankrupt regional banks.
This sent a different message from Yellen’s comments a day earlier when she told senators that the Treasury would not consider insuring all US bank deposits without congressional approval.
In Japan, the Nikkei 225 fell 0.44 percent and Topix saw a 0.34 percent loss as the country’s core inflation hit 3.1 percent for February, slowing the pace of inflation for the first time in 14 months.
The Hang Seng index fell 0.83 percent and the Hang Seng Tech index was also 0.15 percent lower.
In mainland China, the Shanghai Composite Index fell 0.12 percent and the Shenzhen Component Index also fell marginally.
South Korea’s Kospi tumbled 0.8 percent, but the Kosdaq reversed the trend and traded higher than 0.62 percent. The Australian S&P/ASX 200 fell 0.46 percent.