Asian shares decline amid omicron, Fed, Ukraine jitters

Asian shares have fallen following a volatile day on Wall Street

TOKYO -- Asian shares skidded Tuesday following a volatile day on Wall Street. Inflation-fighting measures from the Federal Reserve and the possibility of conflict between Russia and Ukraine are overhanging markets.

Japan's benchmark Nikkei 225 slipped 1.7% to finish at 27,131.34. Australia's S&P/ASX 200 dropped 2.5% to 6,961.60. South Korea's Kospi lost 2.7% to 2,717.38. Hong Kong's Hang Seng shed 1.9% to 24,198.37, while the Shanghai Composite dipped 2.3% to 3,444.65.

“The surprise turnaround in U.S. market overnight does not seem to provide any relief into Asia’s session today,” said Yeap Jun Rong, market strategist at IG.

Toyota shares fell nearly 2% after Japan's top automaker said further adjustments to production in Japan were needed because of a supply crunch of computer chips due to production disruptions related to COVID-19 restrictions and infections. Toyota Motor Corp. has previously seen similar stoppages and has apologized for keepings customers waiting for its products.