Equities in Asia traded lower during Tuesday’s trade as investors turned to safe haven assets amid rising geopolitical tensions.
Japan's Nikkei 225 dropped 0.81% after a North Korean missile flew over the country early on Tuesday. Japanese Prime Minister Shinzo Abe said in a statement that the launch was reckless and unprecedented.
Across the Korean Strait, the Kospi tumbled 1.15% as investors processed the latest developments on the peninsula. The broader Nasdaq traded lower by 0.41%.
The Australian index, the S&P/ASX 200 declined 0.94%, with the financials and consumer discretionary sub-indexes leading losses.
The Hang Seng Index fell 0.77%. On the mainland, the Shanghai Composite shed 0.08% and the Shenzhen Composite was off by 0.03%.
Demand for traditional safe-haven assets rose following the latest provocation from North Korea, with demand for gold and the Japanese yen picking up in the aftermath of the missile launch.
Meanwhile, the Japanese currency strengthened to trade as high as 108.32 yen to the dollar, its strongest levels in about 4 months, compared to levels around the 108.8 handle seen overnight. The yen later gave up some of those gains to trade at 108.67 yen to the dollar at 9:32 am HK/SIN..
Japan's Nikkei 225 dropped 0.81% after a North Korean missile flew over the country early on Tuesday. Japanese Prime Minister Shinzo Abe said in a statement that the launch was reckless and unprecedented.
Across the Korean Strait, the Kospi tumbled 1.15% as investors processed the latest developments on the peninsula. The broader Nasdaq traded lower by 0.41%.
The Australian index, the S&P/ASX 200 declined 0.94%, with the financials and consumer discretionary sub-indexes leading losses.
The Hang Seng Index fell 0.77%. On the mainland, the Shanghai Composite shed 0.08% and the Shenzhen Composite was off by 0.03%.
Demand for traditional safe-haven assets rose following the latest provocation from North Korea, with demand for gold and the Japanese yen picking up in the aftermath of the missile launch.
Meanwhile, the Japanese currency strengthened to trade as high as 108.32 yen to the dollar, its strongest levels in about 4 months, compared to levels around the 108.8 handle seen overnight. The yen later gave up some of those gains to trade at 108.67 yen to the dollar at 9:32 am HK/SIN..
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