Mixed activity in Asian markets

Asian stock markets struggled for direction today as investors remained wary following more unsettling news from economically fragile Spain and a record trade deficit in Japan.

Tokyo’s Nikkei 225 stock average slipped after the country – which for decades has blanketed the world with its exports – posted its biggest annual trade deficit ever.

The benchmark index fell 0.6% to 9,609.89 after the Finance Ministry said exports for the fiscal year that ended March 31 dropped 3.7% from the previous year, while imports climbed 11.6%.

The trade deficit for the year was 4.41 trillion yen (€41bn).

With all but one of Japan’s 54 nuclear power reactors offline in the aftermath of last year’s nuclear disaster, the country has been forced to rely on imported oil and gas to generate electricity.

South Korea’s Kospi index opened higher then slipped into negative territory, falling 0.2% to 2,002.75.

But Hong Kong’s Hang Seng index held onto its gains, rising 0.4% to 20,865.11 while Australia’s S&P/ASX 200 added 0.4% to 4,365.90.

Benchmarks in mainland China, Indonesia, New Zealand and the Philippines fell, while Singapore and Taiwan rose.