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Most Asian stock indices declined due to the stronger yen and the increased China’s bad loans. Japanese shares were extending losses into a third straight session, caused by a stronger yen and a sharp fall in U.S. bond yields. The strong yen had a negative impact on exporters.
Chinese banks had the biggest quarterly rise in bad loans since 2005.
The Chinese stock index Shanghai Composite managed to close above the flatline. Foreign direct investment in China rose at annual rate of 3.4% in April.
Indexes on the close:
Nikkei 225 14,096.59 -201.62 -1.41%
Hang Seng 22,712.91 -17.95 -0.08%
Shanghai Composite 2,026.5 +1.53 +0.08%
Japan Display Inc. dropped 12% after the company forecast a drop in profit for this fiscal year.
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