Asian shares track Wall St decline; bitcoin sinks

Asian shares are falling, tracking a decline on Wall Street led by big technology stocks

TOKYO -- Asian shares fell Wednesday, tracking a decline on Wall Street that was led by big technology stocks. The price of bitcoin plunged again after the China Banking Association warned of risks associated with digital currencies. Japan's benchmark Nikkei 225 fell 1.6% in afternoon trading to 27,964.19. Australia's S&P/ASX 200 slipped 1.9% to 6,931.70. The Shanghai Composite slipped 0.6% to 3,506.37. Markets were closed in Hong Kong and South Korea. A day after Japan reported its economy contracted at a 5.1% annual rate in the first quarter of this year, Fitch Solutions forecast the economy will grow just 2.5% this year, highlighting the challenge as the country battles surging coronavirus infections. “The slow vaccination roll-out in the country means that the country continues to face risks from sporadic movement restrictions and other tightening measures that will disrupt a healthy recovery in activity," the report said.