Asian markets mostly lower as US cuts kick in

Asian markets mostly fell Monday after US lawmakers failed to prevent the imposition of US$85 billion (HK$659.1 billion) in spending cuts that kicked in at the end of last week.

But Tokyo enjoyed another rally thanks to a weak yen as comments from the man tapped to take the helm of the Bank of Japan suggested further monetary easing.

Tokyo climbed 0.59 per cent by the break, Hong Kong slipped 0.59 per cent, Sydney was 0.65 per cent lower, Shanghai tumbled 2.01 per cent and Seoul lost 0.10 per cent

via Business feed http://www.scmp.com/business/money/stock-talk/article/1175716/asian-markets-mostly-lower-us-cuts-kick