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Asian stock markets follow Wall Street lower Asian stock markets follow Wall Street lower
(about 3 hours later)
Stock markets in Asia were in negative territory on Wednesday, following declines on Wall Street after the Dow Jones closed down 1%. Stock markets across Asia fell on Wednesday, following declines on Wall Street the previous day.
Japan's benchmark Nikkei 225 index dropped 1.2% to 20,590.97 points. Japan's benchmark Nikkei 225 index ended a six-day winning streak, closing down 1.2% at 20,593.67.
Trading saw investors reacting to the resignation of Toshiba chief executive Hisao Tanaka following the company's accounting scandal.Trading saw investors reacting to the resignation of Toshiba chief executive Hisao Tanaka following the company's accounting scandal.
Shares in the firm fell 1.7% after their 6% rise the previous day when the details of the scandal were revealed. Shares in the firm fell 1.7% following a 6% rise the previous day when the details of the scandal were revealed.
An independent investigation had found the company overstating its profits by a total of 151.8bn yen ($1.22bn, £780m) over the past six years. An independent investigation found the company had overstated its profits by a total of 151.8bn yen ($1.22bn, £780m) over a six-year period.
In Australia, low commodity and gold prices helped pull the ASX 200 index down 1.1% to 20,618.4 points. In Australia, low commodity and gold prices pulled the ASX 200 down 1.6%, with the index closing at 5,614.60.
BHP Billiton fell 1.4% despite the company saying it exceeded its production guidance for iron ore. Shares in mining giant BHP Billiton fell 1.9% despite the company saying it had exceeded its production guidance for iron ore.
In its operational review, the mining giant also said it was on track for additional growth in the current year. In its operational review, BHP said it was on track for additional growth in the current year.
Further rate cuts likely Australian rate cut?
Meanwhile, the Australian Bureau of Statistics said that inflation in the second quarter rose by 0.7% from the first three months of the year. The Australian Bureau of Statistics said consumer prices in the second quarter rose 0.7% from the first three months of the year.
More importantly though, the annual pace of core inflation at around 2.3% was still well within the central bank's inflation target of 2-3%.. More importantly though, the annual pace of core inflation at about 2.3% was still well within the central bank's inflation target of 2-3%..
The data provided further evidence that underlying price pressures were easing, Daniel Martin, Senior Asia Economist with Capital Economics said in a note. The data provided further evidence that underlying price pressures were easing, said Daniel Martin, senior Asia economist at Capital Economics.
"It raises the chances of the central bank cutting rates again, possibly even at its meeting next month.""It raises the chances of the central bank cutting rates again, possibly even at its meeting next month."
In Seoul, South Korea's benchmark Kospi was also in negative territory, down 1% to 2,062.42 points. In Seoul, South Korea's benchmark Kospi index also finished in negative territory, dropping 0.9% to 2,064.72.
Despite the won being at its weakest level against the dollar in two years, export-focused companies failed to benefit.Despite the won being at its weakest level against the dollar in two years, export-focused companies failed to benefit.
Car makers Kia and Hyundai were both unable to consolidate Tuesday's gains.Car makers Kia and Hyundai were both unable to consolidate Tuesday's gains.
In China, the Shanghai Composite fell 0.4% to 4,000.79 points while Hong Kong's Hang Seng fell by 1.1% to 25,251.10 points in line with the Asia-wide sell-off. In China, the Shanghai Composite fell 0.2% to 4,011.36 while Hong Kong's Hang Seng fell 1% to 25,285.25.