Asian stocks down amid rising recession concerns

By Aysu Bicer

ANKARA (AA) - Asian stock markets on Friday slumped amid fears of a global recession.

Expectations that central banks will continue to raise interest rates in the face of increasing inflationary pressures have caused the risk appetite to remain low in the stock markets.

In Asia, the focus of the agenda is whether Japan’s intervention in the rapidly weakening yen will continue after the country’s central bank decided to maintain its ultra-loose monetary policy contrary to its peers.

On Thursday, the yen sank to a fresh low of 146 against the dollar and after the intervention in the foreign exchange market, it recovered to 142.3.

There were no transactions in Japanese markets on Friday due to the holiday.

The Shanghai composite index in China decreased by 0.7% to 3,088 points, the lowest level in four months.

South Korea's Kospi index went down by 1.8% to 2,229 points.

India's Sensex index fell 1.3% to 58,337 points, and Hong Kong's Hang Seng index diminished by 1% to 17,966 points.