Asian shares fall after retreat on Wall Street

Asian shares have fallen in cautious trading after stocks on Wall Street sank to a new low for the year

TOKYO -- Asian shares fell in cautious trading on Wednesday. with Tokyo's Nikkei 225 down nearly 3%, after stocks on Wall Street sank to a new low for the year.

Shares also sank in Hong Kong, Shanghai, Seoul and Sydney.

Technology shares led the decline Tuesday on Wall Street. Increasing coronavirus infections in Asia, linked to the spread of omicron, are alarming policy makers. Asian economies have suffered during the pandemic and are struggling to get recoveries going again.

“The risk-off mood in global markets is being carried into Asia’s session today, as market expectations continue to price for a more aggressive Fed tightening ahead, with concerns that economic momentum may be capped,” said Yeap Jun Rong, market strategist at IG in Singapore.