News that Japan's economy had clawed its way out of recession in the second quarter could not prevent Asian equities from taking a beating on Monday as investors’ confidence was dampened by weaker-than-expected US consumer confidence.
Asian stocks jumped on Wednesday, after US banking giant Citigroup unveiled better-than-expected results. Japanese share prices rose nearly four percent in early trade while Wall Street soared six percent overnight.
Tokyo's stock market shed 2% amid continuing fears for the beleaguered banking sector in the US and Europe. Other Asian stocks also slipped, though falling short of the 4% tumble that greeted Barack Obama's inauguration on Wall Street.