Major Asia markets down 2%; Chinese yuan at weakest since 2008

Major Asia markets down 2%; Chinese yuan at weakest since 2008

Major indexes in the Asia-Pacific briefly dipped 2% after the S&P 500 set a new 2022 low overnight on Wall Street. The offshore and onshore Chinese yuan reached weakest levels since 2008.

Japan’s Nikkei 225 briefly fell 2% and last traded 1.7% lower, while the Topix index slipped 1.37%.

Minutes from the Bank of Japan’s July meeting said a few policy board members see consumer inflation slowing in fiscal 2023 unless commodity prices continue to rise.

Hong Kong’s Hang Seng index also fell 2% and last traded at 1.82 lower. In mainland China, the Shanghai Composite was 0.44% lower and the Shenzhen Component fell more than 1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 1.12%. The Kospi in South Korea shed 2.1%. In Australia, the S&P/ASX 200 was 0.33% lower.

Asia markets: Stocks fall, Chinese yuan crosses 7.2 against the dollar (cnbc.com)