Asian stocks slump on growth concerns; Nikkei hits 6-mth low in post-BOJ rout

Investing.com-- Asian stocks fell sharply on Friday, tracking an overnight rout on Wall Street on concerns over slowing economic growth, with a rout in Japanese markets deepening after the Bank of Japan struck a hawkish chord this week.

Weak U.S. purchasing managers index and labor market data ramped up concerns over a slowdown in the world’s biggest economy, and that a September interest rate cut by the Federal Reserve could be potentially too late for the economy to achieve a soft landing.Japanese stocks were already nursing sharp losses from Thursday, after the BOJ struck an unexpectedly hawkish tone during its end-July meeting.

But Chinese markets logged relatively lower losses than their regional peers, given that they were already trading at five-month lows.indexes fell 0.7% and 0.5%, respectively, and were at their weakest levels since mid-February. Sentiment towards China remained weak following scant cues on stimulus from Beijing and a slew of weak PMI readings for July.index pointed to a weak open, with the index set for a heavy degree of profit-taking after notching a record high above 25,000 points on Thursday.

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