04.09.201305:15:54UTC+00Asia stocks down on renewed Syria issue

Asian stocks slouched on Wednesday trading action as profit-taking emerged after strong advances earlier in the week, while renewed concerns over U.S. military intervention in Syria weighed on sentiment.

Japan’s Nikkei sag down 0.6%, Australia’s S&P ASX 200 lost 0.7% and South Korea’s Kospi relinquished 0.4%.

Although Wall Street gave a positive lead to Asia, reopening on Tuesday after the Labor Day public holiday, regional stocks retreated after the possibility of U.S. strike in Syria returned to the fore. U.S. indexes gave up much of their earlier gains on Tuesday House after Speaker John Boehner said that he supports President Barack Obama’s call for military action in Syria.

Stocks were also pulling back after strong gains earlier in the week, after the positive manufacturing data from both China and Europe pushed Japanese stocks and Hong Kong-listed Chinese companies up more than 4% on Monday and Tuesday.

The yen slightly advance against the dollar after an earthquake hit Tokyo early in the session, but quickly recovered to ¥99.55 to the dollar, compared with ¥99.57 late Tuesday in New York. The dollar was lower than the one-month high it achieved versus the yen overnight at ¥99.86.

In Tokyo, investors were reacting to a range of company news.

Canon Inc. bolstered 3.5% higher in Tokyo after the firm stated that it will buy back up to 18 million of its own shares, representing 1.6% of its outstanding shares. The firm will spend up to ¥50 billion ($502 million) on the buyback.