Asia markets track Wall Street declines; Japan exports notch steepest drop in over four years

Asia-Pacific markets fell Wednesday, tracking Wall Street declines overnight, as investors parsed Japan’s trade data and awaited China’s loan prime rate decision.

Japan’s exports dropped 2.6% year over year in July, notching their steepest drop in over four years. The fall was sharper than the 2.1% contraction expected by economists polled by Reuters and compared to the 0.5% drop seen in June.

Japan’s Nikkei 225 declined 0.93%, while the Topix lost 0.31%.

South Korea’s Kospi

lost 1.52% and the small-cap Kosdaq fell 1.77%. Australia’s S&P/ASX 200 was 0.24% lower at the open.