Asian Market Update

Asian markets retreated Wednesday, with Tokyo suffering its first sell-off after rallying 10 per cent in four days while the dollar managed to maintain its seven-year highs against the yen.

The lead from Wall Street was neutral following a disappointing batch of economic indicators, while the euro edged up despite news that the European Commission had slashed its growth outlook for this year.

Tokyo slipped 0.27 per cent after four days of advances that were bolstered by Friday's shock announcement from the Bank of Japan that it would widen its monetary easing programme.