2017.03.2204:59:00UTC+00Asian Markets Retreat as Japanese Stocks Sell Off

Asian shares were mostly lower as Japanese stocks sold off, pressured by the firm yen and after a sudden North Korea missile test that according to reports have failed.

Japan's Nikkei 225 plunged 2.13 percent at 19,041.38 and the Topix index fell 2.12 percent at 1,530.2. The yen stood at 111.4 against the dollar, slipping from a previous session peak of 111.41. Analysts believe that the sell-off on the Nikkei was also incited with the overhang of a firmer yen. Japanese defense names were mostly lower. Shares of Kawasaki Heavy Industries tumbled by 3.92 percent, ShinMaywa Industries dropped 2.21 percent and Komatsu slipped 1.96 percent.

South Korea's Kospi dropped 0.46 percent at 2,168.3 as the Korean won stood at 1121.78. South Korean defense stocks were mixed as shares of Victek added 1.88 percent, Firstec up by 1.21 percent while Speco shed 0.4 percent.

The Shanghai composite closed 0.5 percent lower at 3,245.4 while the Shenzhen composite slipped 0.29 percent at 2,037.89. Hong Kong's Hang Seng was down 1.35 percent in afternoon trade.

Australia's ASX 200 retreated 1.56 percent at 5,684.5 , with heavy declines in the materials, energy and financials sectors. Shares of Australia and New Zealand Banking Group dropped 2.57 percent, Westpac fell 2.42 percent, Commonwealth Bank was down 2.03 percent while National Australia Bank slipped 1.58 percent.

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