Asia Markets Fall as Traders Digest Japan Inflation, China’s Evergrande Bankruptcy

Asia markets continued downward trend on Friday after Japan’s inflation cooled down from 3.3% to 3.1% MoM and dropped from 4% seen in January, which was double the central bank target of 2%.

The markets were also weighted by China’s real estate developer Evergrande filed for Chapter 15 bankruptcy protection in US court which will shields them from creditor while under debt restructuring. Negative outlook on China real estate still put pressure on all Asia markets.

Meanwhile overnight in the U.S., all main indexes fell, with the S&P 500 dropping by 0.7% and NASDAQ dipping by 1%.

The Nikkei in Japan lost 0.2% during the monring session, while Hong Kong Hang Seng index was down 0.9% and South Korea’s KOSPI dropped 0.5%.