Nikkei 225 dropped as much as 2%, while the broad-based Topix declined 1.2%
Most Asia-Pacific markets traded lower Wednesday, with Nikkei leading losses.
Investors will be watching for more stimulus measures to boost the real estate sector in China with the housing minister set to hold a press briefing on Thursday 10 a.m. local time, as per a statement from the State Council Information Office on Tuesday.
Ni Hong, minister of housing and urban-rural development, is expected to address the press conference along with officials from the central bank, the finance ministry and the National Financial Regulatory Administration.
Ahead of the briefing, CSI 300 Real Estate Index climbed 4.45%, while the wider benchmark CSI 300 slid 0.3%. Hang Seng Mainland Properties Index added more than 5%, much more than the 0.9% increase in the Hang Seng index.
Hong Kong’s chief executive John Lee pledged to bolster the government’s focus on people’s livelihoods in his annual policy address, including steps to reduce wait times for public housing.
The city’s leader also vowed to streamline procedures for companies seeking to list in Hong Kong and to attract more international company listings on the city’s stock exchange.
Traders in Asia, meanwhile, assessed economic data from the region. New Zealand reported that its consumer prices index (CPI) for the third quarter increased 2.2% year on year. It jumped 0.6% on quarter.
South Korea’s seasonally-adjusted unemployment rate came in at 2.5% in September, compared to 2.4% in August.
Japan’s Nikkei 225 dropped as much as 2%, while the broad-based Topix declined 1.2%.
The Taiwan Weighted index slipped 1.04%, dragged down by technology sector.
Australia’s S&P/ASX 200 tumbled 0.3%.
South Korea’s Kospi skidded 0.6% and the small-cap Kosdaq stumbled 0.96%.
