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Asian stocks trade mixed, Nikkei tumbles on re-open

FXStreet (Mumbai) - A mixed performance in equities is witnessed across the Asia, with Australia’s ASX rebounding after yesterday’s steep losses while the Japan’s stocks plunged, catching-up with markets after a three-day break.

Japanese markets re-open on a bearish note

The Japanese benchmark, the Nikkei fell sharply as the markets opened on Thursday as Japan's markets caught up with a global sell off which began Monday. While a stronger yen versus the US dollar also hurt the exporters’ stocks, dragging the index lower. At the moment, USD/JPY trades -0.21% lower at 120 while the Nikkei drops -2.31% to 17,652.

The benchmark Australian S&P/ASX 200 index rebounded sharply, up 0.97% to 5,046 points, with the heavily-weighted 'big four' banks supporting the index, as well as resource stocks.

The Chinese markets traded mixed with the Shanghai Composite gaining over 1% to 3,148 points. While Hong Kong's benchmark Hang Seng index loses -0.38% at 21,231. Korea's benchmark Kospi index trades higher by 0.43% to 1,953 points in Seoul.

Gold supported around $ 1132 in Asia

The yellow metal keeps its upbeat momentum intact and consolidates to the upside in the Asian morning, after the bullion rebounded on Wednesday following increased bids for safe-haven assets after weaker Chinese manufacturing data.
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USD/JPY: Yen bulls regain control as Nikkei plunges, below 120

USD/JPY met fresh supply near 120.40 and extends the drop below 120 handle in the mid-Asian session, as the JPY bulls fought back lost ground and stormed their way through the 120 barrier.
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