Asia/Pacific Region Still Unnerved By Global Weakness

Investors stayed mostly on the sidelines on Thursday discouraged by figures showing that China’s industrial production growth has slowed, Australia’s unemployment rate has risen to four-year high, and Japan’s economy declined by the most in 25 years in the most recent quarter.Tokyo revised fourth-quarter gross domestic product figures upward, to an annualized 12.1% decline, compared with an initial estimate of 12.7% posted in February. But the economic contraction is still the sharpest since 1974. Exports plummeted by 13.8%, compared with the previously reported figure of 13.9%, while imports rose 3.0%, compared with 2.9% posted earlier.Japan's Nikkei 225 average slid by 177.87 points, or 2.4%, to 7,198.25. The broader-based Topix index shed 3.0%, to close at 700.93, after for a time breaking below 700 for the first time since December 1983. (nyse: HMC - news - people ) dived by 145 yen ($1.51), or 6.6%, to 2,065 yen ($21.48), on an Asahi Shimbun report that (nyse: TM - news - people ) plans to develop a cheaper version of its Prius hybrid to compete with Honda's new Insight hybrid, whose current base price of $19,800 compares favorably to the Prius's starting price tag of $22,000. Honda also said that February sales in China climbed by 16.1%, com...
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Asia Comes Down From High

Major Asian equity markets took a step back after Wednesday's upswell, as a wave of weaker than expected macroeconomic data dampened investor sentiment. The yen also re-emerged as a safe haven, surging against the dollar in a blow to Japanese exporters.Tokyo revised fourth-quarter GDP figures upward to an annualized 12.1% decline, compared with an initial estimate of 12.7% posted in February. But the economic contraction is still the sharpest since 1974. Exports plummeted 13.8%, compared with the previously reported figure of 13.9%, while imports rose 3.0%, compared with 2.9% posted earlier. Japan's Nikkei 225 slid 128.26 points, or 1.7%, to 7,247.86 in early afternoon trading. (nyse: HMC - news - people ) plunged 140 yen ($1.46), or 6.3%, to 2,070 yen ($21.53), on an Asahi Shimbun report that (nyse: TM - news - people ) plans to release a cheaper version of its Prius hybrid to compete with Honda's newly released Insight hybrid, whose current base price of $19,800 is cheaper than the Prius, which starts at $22,000. Honda also said February sales in China climbed 16.1%, compared with last year's corresponding period. Toyota slid 60 yen (62 cents), or 2.1%, to 2,850 yen ($29.64).Giving up nearly all of Wednesday's big gain, (nyse: ...
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