Asia Markets: Nikkei drops, preparing for bad news from Fed

Shares in Asia drifted lower Friday, as investors largely held fire ahead of guidance from U.S. Federal Reserve Chairwoman Janet Yellen.

The S&P/ASX 200 XJO, -0.48% slipped 0.1% and South Korea’s Kospi SEU, -0.27% dropped 0.4%, but Hong Kong’s Hang Seng Index HSI, +0.50% gained 0.6%. The Shanghai Composite SHCOMP, +0.06% traded higher by 0.1%.

Yellen is speaking later in the global trading day at the Jackson Hole gathering of central bankers.

In Japan, the Nikkei Stock Average NIK, -1.18% was down 0.9%, with automobile and insurance stocks hurt by expectations that Yellen would deliver gloomy news about the U.S.

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