Asia stocks drop as oil tumbles; Nikkei hit after quake – CNBC
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In Japan, the yen climbed and stocks tumbled after a powerful second earthquake struck southern Japan on Saturday.
Reuters reported the 7.3 magnitude earthquake caused widespread damage, with reports of fires, power outages, collapsed bridges and gaping holes in the earth. Manufacturers including Honda, Toyota, Renesas Electronics and Sony halted production after the tremors, but no major damage was reported, according to Reuters.
The yen saw fresh strength against the dollar, breaking the 108 level Monday morning; late last week, the yen traded at the 109 level against the dollar. As of 10:49 a.m. HK/SIN time, the dollar/yen pair was at 107.98.
Japanese exporters sold off sharply, with shares of auto players Toyota, Nissan and Honda down between 3.95 and 5.07 percent. Shares of Sony were down 5.43 percent. A stronger yen is usually a negative for exporters as it affects their overseas profit when converted to local currency.
Asia stocks drop as oil tumbles; Nikkei hit after quake – CNBC}