Asian stocks under pressure on stronger yen, tumbling oil

The risk conditions in the Asian trades took a hit this Tuesday as oil prices continued to weaken, weighing heavily on the energy and resource stocks, while a renewed rally in the Japanese yen also capped the gains in the Japanese stocks.

Moreover, a flattish close on the Wall Street overnight combined with headlines over no further need for stimulus in Japan further dampened the sentiment in Asia.

Nikkei 225 defends gains

The Japanese benchmark index, the Nikkei 225 pares gains to now trade +0.44% near 16,580, dragged down by a weaker USD/JPY, down -0.26% on the day. The Australian markets also came under fresh selling pressure, with the S&P/ASX 200 now dropping -0.21% around 5,480 points, as markets digest the RBA’s minutes.

The Chinese equities also extend losses, with the benchmark Shanghai Composite index down -0.52%; the CSI300 index loses -0.55%. While Hong Kong markets trade -0.57% lower around 21,680 levels.