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Asian markets hit by IMF growth revision

Published on Oct 10, 2012 6:51 PM

HONG KONG (AFP) - Asian markets mostly fell on Wednesday as investors reacted to losses on Wall Street after the International Monetary Fund (IMF) cut its global growth forecast, predicting the slowest rate in three years.

Japanese shares were also hit by the strengthening yen, with selling fuelled by news the country's top carmakers saw sales in China slump in September owing to a territorial spat between Tokyo and Beijing.

Tokyo tumbled 1.98 per cent, or 173.36 points, to 8,596.23 - its lowest since Aug 3. Sydney lost 0.32 per cent, or 14.6 points, to close at 4,490.7 and Seoul was off 1.56 per cent, or 30.82 points, at 1,948.22.

Hong Kong ended flat, edging down 17.68 points to 20,919.60, but Shanghai rose 0.22 per cent, or 4.71 points, to 2,119.94.

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