Nikkei sinks 3.5% as yen rallies, business confidence tumbles

Stocks in Japan fell sharply Friday on worries that strength in the Japanese yen would weigh on corporate earnings.

In the rest of the Asia, most shares were off, even as gauges of Chinese factory output showed a pickup in March.

The Nikkei Stock Average NIK, -3.55%  fell 3.4% to 16,200.68 with the Japanese yen strengthening against the U.S. dollar. Hong Kong’s Hang Seng Index HSI, -1.04%  was off 1.3%, and the Shanghai Composite Index SHCOMP, +0.10%  slipped 1.4%. Australia’s S&P ASX 200 XJO, -1.64%  was off 1.8%, while South Korea’s Kospi SEU, -1.12%  was down 0.8%.

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