Asia shares dragged lower by Japan, dollar still groggy

A rout in Japanese shares led Asian markets lower on Friday as a gloomy suite of surveys on Japanese manufacturing sparked heavy fund selling and overshadowed upbeat news from China's vast factory sector. 

 

A renewed slip in oil prices added to the cautious mood, while the dollar remained on the defensive ahead of the always-pivotal U.S. payrolls report.Spread betting firm IG also predicted opening losses of between 0.6 and 0.7 percent for the FTSE 100, DAX and CAC 40.

 

Much of the damage was done by Japan's Nikkei which sank over 3 percent in its steepest daily fall since mid-February. A profit-dampening rise in the yen and selling by hedge funds for the new financial year bore some of the blame.But most pointed the finger at a deeply disappointing survey of major manufacturers from the Bank of Japan which found sentiment at its lowest in nearly three years.
 

The report crystallised concerns that the BOJ's dramatic shift to negative rates was not working, and might never work.

 

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