Asia Markets: Weaker dollar sends Asian markets sliding

Asian stocks pulled back Thursday following the deep selloff in the U.S. dollar, pressuring export-reliant companies, particularly in Japan.

The ICE U.S. dollar index DXY, -0.72% fell to levels last seen in 2014, after U.S. Treasury Secretary Steven Mnuchin said at the World Economic Forum in Davos, Switzerland, that “a weaker dollar is good for trade.”

The WSJ Dollar Index dropped 0.2% BUXX, -0.54% in Asian trading.

The declines weighed on the currency-sensitive Nikkei Stock Average NIK, -1.13% , which closed down 1.1%, its biggest drop in seven weeks.

Japanese exporters extended Wednesday’s declines on a stronger yen, with Sony Corp.

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