Global Markets: Asian Stocks Tumble

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SINGAPORE (Reuters) - Asian stocks slid on Thursday, losing more than three percent in Japan, after disappointing earnings sparked Wall Street's biggest drop in a month and hit the dollar ahead of results from Sony and other technology bellwethers.

A host of Japanese exporters fell as the dollar dropped to 108.86 yen in New York, before recovering slightly to 109 yen in Asia, reviving fears their exports would be battered by the firmer yen.

"It's harvest time in both the U.S. and Japan," said Hiroyuki Nakai, chief strategist at Tokai Tokyo Securities. "Both markets have risen quite a bit and now it's time for taking profits."

Sony Corp, the world's largest consumer electronics maker, plunged 3.36 percent ahead of an earnings announcement later in the day expected to show a big fall in quarterly profit.
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http://biz.yahoo.com/rb/031022/markets_global_2.html