Asian stocks mostly dropped, with a stronger yen weighing on
The yen hit a six-week high against the US dollar.
The Bank of Japan also starts its two-day policy meeting on
Wednesday, sidelining some investors.
Some Federal Reserve members have recently begun to suggest
again that the Fed could being tapering its bond-buying program
sooner rather than later. That also has dampened sentiment for
stocks, in general. Federal Reserve Bank of Chicago President
Charles Evans, who has been among the strongest proponents of the
record monetary accommodation in the U.S., said on Tuesday that he
"would clearly not rule" out a decision to begin curbing the
purchases in September.
Atlanta Fed President Dennis Lockhart told Market News
International that should economic growth and job creation pick up
as expected, the Fed should proceed with the "removal" of its asset
In ADR news, Tata Motors (
) said June quarter profit fell to 17.26 billion rupees ($283
million) from 22.45 billion a rupees a year earlier. The average of
estimates in a poll of eight analysts was 23.73 billion rupees.
Sales rose 8.3% to 467.51 billion rupees from 431.71 billion
The Nikkei ended down 4% at 13,824.94, the Hang Seng down 1.53%
at 21,588.84 and the Straits Times up 0.16% at 3,229.91.
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