Asia stocks swoon; Japan, China markets plunge

MarketWatch(13/6) -- The Nikkei Stock Average plummeted 6.4% to end at 12,445.38 in Tokyo for its sixth loss in seven trading days. The drop marked the benchmark’s decline for a seventh straight Thursday, including the 7.3% plunge on May 23. The selloff came as the U.S. dollar fell as low as ¥93.76 during the session, nearly two full yen lower than the ¥95.61-level seen in North America late on Wednesday. The drop followed a a third straight session of losses for U.S. stocks Wednesday, on concerns the Federal Reserve could taper down its bond purchases. The dollar’s tumble against the yen “will put regional markets under pressure, but it may also [force] the U.S. Fed to reconsider its tapering plans in the face of a global sell off,” said Kim Eng Securities director of sales trading Andrew Sullivan.