Stocks in Japan and Australia slipped on Friday, with most major markets in Asia closed for holidays.
Japanese markets stumbled 574.34 points, or 2.8%, to 19,619.35, with shares of Tokyo Electron dropping 5.5%.
The Japanese yen traded at 107.08 per U.S. dollar after weakening sharply yesterday from levels around 106.5.
Markets in Hong Kong, Shanghai, Korea, Taiwan, and Singapore were shuttered for May Day
On the economic data front, South Korean exports fell in April at their sharpest pace since the global financial crisis. Exports fell 24.3% year-on-year in April, the worst contraction since May 2009. Still, it was slightly smaller than expectations of a 25.4% drop in an economist survey.
The data release from South Korea, a major Asian economy and exporting powerhouse, could provide clues on the scale of the economic hit from the coronavirus pandemic. Globally, more than 3.2 million people have been infected while at least 233,000 lives have been lost, according to data compiled by Johns Hopkins University.
Australia’s markets closed much lower, with shares of major miner BHP plunging 7.8%. Major banks such as Commonwealth Bank of Australia and Australia and New Zealand Banking Group also saw their shares fall more than 4.5% each.
The Australian dollar changed hands at $0.6459 after seeing highs around $0.657 yesterday.
In other markets
In New Zealand, the NZX 50 dipped 83.06 points, or 0.8%, to 10,449.01.
In Australia, the ASX 200 wilted 276.46 points, or 5%, to 5,245.89.