Asian benchmarks decline after bear market hits Wall Street

Adding to worries about the fragile Japanese economy is the sliding yen, recently at 135, the lowest level against the U.S. dollar since 1998. The U.S. dollar rose to 134.62 Japanese yen from 134.46 yen, as the yen’s weakness was mitigated somewhat by Bank of Japan Gov. Haruhiko Kuroda’s comments expressing concern about its decline.“Against this backdrop, equities in Asia are unlikely to be spared pain,” Tan Boon Heng at Mizuho Bank in Singapore said in a commentary.

The decline was the first chance for investors to trade after having the weekend to reflect on Friday’s news thatWith the Fed seemingly pinned into having to get more aggressive, prices fell in a worldwide rout for everything from bonds to, from New York to New Zealand. Some of the sharpest drops hit what had been big winners of the easier low-rate era, such as high-growth technology stocks and other former darlings of investors. Tesla slumped 7.1%, and Amazon dropped 5.5%. GameStop tumbled 8.

Markets are bracing for more bigger-than-usual hikes, on top of some discouraging signals about the economy and corporate profits, including a record-low preliminary reading on consumer sentiment soured byThe economy is still holding up overall, but the danger is that the job market and other factors are so hot that they will feed into higher inflation.

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Shares opened mostly higher in Europe and Asian shares recovered from the worst of their losses following Wall Street’s tumble into a bear market. London and Frankfurt fell back. Shanghai advanced while Hong Kong ended flat.

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