Exporters led the decline in Tokyo as the yen neared an eight-year high against the euro and despite a report showing stronger than expected machinery orders.
European debt worries sapped buyer appetite after Fitch Ratings said the UK’s fiscal challenge is “formidable.”
Canon dropped 2.4% to 3,600 yen while shares in Honda hit the brakes, falling 3.2% to 2,612 yen. Nissan dragged 4% while Wii maker Nintendo tumbled 5.2%. Sony fell nearly 2%.
Stocks fell despite new Prime Minister Naoto Kan’s pledge to boost the country’s economy.
Market sentiment was little helped by data from the Cabinet Office showing Japanese machinery orders climbed 4% in April from March.
The Nikkei 225 index closed down 98 points at 9,439 in Tokyo.
The Hang Seng shrugged off initial weakness caused by Fitch’s warning about the UK’s fiscal challenges.
PetroChina moved higher on the back of firmer oil futures. Shares in the oil giant rose 1.81%. Financials also faired well. HSBC added 0.56%, ICBC climbed 0.89% whileBank of China rose 1.31%.
Real estate came under pressure after a report said property sales fell in May. Shares in China Overseas Land & Investment fell 1.8%.
The Hang Seng index settled up 133 points at 19,621.
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