2013.06.1302:49:16UTC+00Asian markets collapse; Japan, Hong Kong tumble

Asian stocks weaken Thursday after uncertainty over U.S. financial policy led to more losses on Wall Street, with Japanese shares tumbling toward their sixth loss in seven sessions as a surging yen hurt exporters.

Stock movers

In Japan, stocks found little respite as the U.S. dollar fell under the ¥95 level, raising more fears about the earnings outlook of companies with a significant international presence.

Shares of Fast Retailing Co. skidded 8.1%, Mazda Motor Corp. slumped 4.6%, and Sharp Corp. lost 7.4%.

“The combination of elevated risk aversion and disappointment over recent policy announcements, in particular the lack of detail about Prime Minister [Shinzo] Abe’s ‘third arrow,’ has prompted ever more upside for the [yen]” said Crédit Agricole forex strategy chief Mitul Kotecha.

Property developers suffered heavy losses in China. Gemdale Corp. slumped 5.7% in Shanghai, while China Resources Land Ltd. skidded 4.7% in Hong Kong.

In Sydney, mining stocks came under pressure, with BHP Billiton Ltd. lower by 2.4%, and Fortescue Metals Group Ltd. sliding 2.1%.

Rio Tinto Ltd. shares declined 1.9%. The company said it plans to sell its Eagle nickel and copper project to Lundin Mining Corp..