Asian shares sluggish amid China rate hike worries
SEOUL: Stock markets in Asia were mixed Tuesday as a stronger yen helped pushed down big name Japanese exporters and worries about a possible interest rate hike in China damped sentiment.
Japan's Nikkei 225 stock average fell 0.2 percent to 10,147.36. Investors sold shares of Japanese exporters as the yen climbed against the dollar. A stronger yen reduces the value of exporters' overseas profits when repatriated. Sony Corp. was down 1.2 percent, while Honda Motor Co. fell 1.8 percent.
China's benchmark Shanghai Composite index shed 0.5 percent to 2,842.73 amid speculation by Chinese media that Beijing may hike interest rates soon. China and Japan - Asia's two biggest economies - are facing opposite challenges.
Japan is trying to bolster growth through low interest rates in the face of persistent deflation, or falling prices, and a stubborn headwind in the form of a strong yen. -PB News