Asian markets fell, contributing to the global decline, following forecasts from the International Monetary Fund which cut its growth forecasts for major international economies. The MSCI Asia Pacific index plunged 0,8% as of 9:55am in Tokyo, falling for the first time this week.
Japan's Topix was nearing an eight-week low. Markets in mainland China resumed business today after a week-long holiday. Operators are waiting for a private index on service companies.
They are also worried about the political crisis in Hong Kong, on a day when pro-democracy demonstrators are on their way to meeting the government. "The recovery of the world economy has once again proved to be fragile and patchy," said Shane Oliver, global strategist at AMP Capital Investors in Sydney. "The rollercoaster ride could go on for some time yet."
The Topix dropped 1,7%, heading for its worst close since August 13. The Nikkei 225 Stock Average was down 1,6 percent. The safe-haven yen fell 0,2% to the dollar at 108.19 after gaining 1,6% over the past two days. South Korea's Kospi contracted 0,1% and Australia's S&P/ASX 200 0,8%.
