DEBORAH MARCHINI, CNN ANCHOR: Time now to get a look at the Asian markets and how they traded overnight. We get the details from Michelle Han, live in Hong Kong. Hello, Michelle.</s>MICHELLE HAN, CNN CORRESPONDENT: Deborah, good morning. Tokyo stocks slumped for a third straight session, as investors worried about weakness in the Nasdaq and strength in the yen. The Japanese currency hit a five-month high against the euro of 101.04 and an 11-week high against the dollar of 118.8 in Asian trade. And that sparked fears of weaker earnings for Japanese exporters, such as Honda Motor. Honda shares lost 3.4 percent. The benchmark Nikkei finished 1.2 percent lower. Hong Kong's Hang Seng index slipped a fifth of a percent, as tech plays came under pressure from Wednesday's drop in the Nasdaq. But property developers managed to come back on hope that interest rate cuts could kick-start the housing market. Cheung Kong and New World Development both rose about 2 percent. Investors in Taipei shrugged off the Nasdaq's fall, sending the weighted index up about a third of a percent by the close. Dealers say there was strong buying from overseas funds in anticipation of further gains ahead. And that's the business day here in Asia -- Deborah, back to you in New York.</s>MARCHINI: All right, thank you, Michelle. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Tokyo Markets Slump For Third Straight Session