Japanese stocks record the worst performance in Asia

Japanese stocks recorded the worst performance among Asian markets on Wednesday, with the Nikkei index falling to its lowest in a month as the yen’s rise curbed a market rally, but the prospect of listing a unit of SoftBank Group Limited losses.

The Nikkei fell 1.3 percent to 31,791.71 points in morning trading before recovering some of its losses and closing down 0.8 percent at 31,943. 93 points. The broader Topix index lost 0.7 percent to close at 2,221.48 points.

The yen and stocks usually move in opposite directions, as a rising currency undermines the competitiveness of export companies and raises the price of shares for foreign investors.

The yen rose about 0.6 percent to 139.50 against the dollar.
The Nikkei has lost more than five percent since hitting three-decade highs last week.

According to Reuters, SoftBank Technology Group and its internet services unit Z holdings are considering listing their payments company in the United States, which led to a rise in their shares and limited the losses of the main index.