Risk-off grips Asia amid Hard-Brexit concerns

The Asian markets opened the week on a weaker note, with most major indices down in the red zone, as investors move away from risky assets in wake renewed risk-aversion wave, triggered by re-emergence of Hard-Brexit fears.

The Japanese stocks tumbled over 1% after increased flight to safety pushed the yen higher across the board, weighing heavily on exporters’ stocks. While a sell-off in the shares of Japanese airbag maker Takata, also dragged the index lower. The shares tumbled more than 8%. Meanwhile, the USD/JPY pair drops -0.40% to trade just ahead of 114 handle.

While the Australian equities bucked the trend and traded with moderate gains, with higher gold prices boosting the sentiment around gold miners. Also, upbeat MI inflation gauge added to the positive tone seen around the Aussie stocks.

The Japanese benchmark, the Nikkei 225 index slumps -1.07% to 19,080. The Australian benchmark, ASX 200 index advances +0.46% to 5,750 points. Mainland Chinese markets extend losses, with both Shanghai composite and Shenzhen’s CSI 300 index tumbling nearly 1%. Hong Kong's Hang Seng drops -0.90% to 22,730.