Markets in Asia close in the red zone with Nikkei and Kospi both down by 0.1% and ASX by 0.2% due to political tensions

Major stocks in Asia were mostly at a gunpoint on Wednesday’s session, following the ballistic missile test launched by North Korea.

The Japanese benchmark Nikkei 225 index fell more than 0.11 percent, the ASX 200 index in Australia went 0.19 percent lower and the South Korean Kospi index inched down by 0.07 percent following mid sell-off earlier throughout the session.

Defense stocks in South Korea finished mixed as markets are currently focusing on the geopolitical tension on the border with North Korea. The weapon company, Hanwha Techwin, rose by 1.49 percent, but Korea Aerospace closed 0.15 percent lower.

North Korea said that the missile it had launched yesterday was an intercontinental ballistic missile. According to Reuters, the missile is capable of carrying a nuclear warhead. The launched missile landed in the exclusive economic zone (EEZ) of Japan.

Yen outperforms dollar; Canadian dollar keeps stable

The Japanese yen gained much strength vs. the U.S. dollar on Wednesday on worries regarding the tension between North Korea and United States. In addition, Canada’s central bank chief expressed his support for the possibility of an interest rate hike. As a result, the loonie preserved its strength and remained stable.

The greenback lost as much as 0.3 percent finishing at 112.95 yen. The Canadian dollar was traded at C$1.2934 a dollar after it had recorded a 10-month high of C$1.2912 against greenback last Tuesday.

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