Fears stoked by the Greek debt crisis and a weakening euro on Monday dragged down Asian stocks as investors worried that export-dependent economies in the region would be badly hit by a slowdown in demand.
The FTSE All World Asia-Pacific index dropped 2.9 per cent to 222.75, taking losses in May to more than 6 per cent. Exporter stocks were hit particularly hard by fears over instability in the eurozone and the relative strength of their own currencies against the euro, which hurts their price competitiveness.
The Nikkei 225 in Tokyo fell 2.2 per cent to 10,235.76, while Hong Kong’s Hang Seng index declined 2.4 per cent to 19,661.05.
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