Asian equities declined on Wednesday as trading volumes returned to normal with Japan and South Korea resuming trade following a long weekend.
Technology and social media stocks were in focus following a 1.4 percent drop overnight on the Nasdaq index thanks to a selloff in Twitter. Shares of the social media giant plunged 18 percent overnight as early investors sold shares for the first time after a six month lock up period.
Japan’s benchmark index fell to its lowest level since April 16 on a stronger currency. The yen traded near Tuesday’s three-week high of 101.48 per dollar and is up 0.5 percent in the past week. That weighed on industrial manufacturers since a strong currency hurts their overseas earnings.
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