ASX, Shanghai lead Asia decline – CNBC
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In the currency market, the dollar held on to the 94 handle against a basket of currencies, with the dollar index at 94.511 as of 10:54 a.m. HK/SIN.
The Japanese yen remained fairly steady, with the pair trading at 109.43, following an overnight finish at 109.44. Major Japanese exporters were mixed, with shares of Toyota up 0.43 percent, Nissan up 0.24 percent and Honda adding 0.51 percent. Shares of Sony were down 2.85 percent. Usually a relatively weaker yen is a positive for exporters as it increases their overseas profits when converted into local currency.
Shares of Mitsubishi Motors were down 13.21 percent, following a 20 percent drop on Thursday after the company’s executives admitted the company cheated on fuel economy tests.
Reuters, citing several Japanese media, said the carmaker reportedly manipulated fuel economy data on an additional car model apart from the vehicles already disclosed; it may have also misstated data on four other models, according to Sankei newspaper.
Japan’s Transport Minister Keiichi Ishii said he wanted Mitsubishi Motors to possibly buy back the affected cars, according to Kyodo news.
The country’s Internal Affairs Minister, Sanae Takaichi, was quoted by Jiji news agency saying car buyers will not have to pay back Japanese government subsidies for any Mitsubishi vehicles that may fall outside the fuel economy subsidies bracket.
ASX, Shanghai lead Asia decline – CNBC}