Deteriorating situation in Ukraine unnerves Asian markets
Asian markets are reacting nervously to the deteriorating situation in Ukraine as investors look to safer prospects, such as US treasuries.
The prospect of an escalation of the troubles in Ukraine would prove a damaging one for some emerging markets. Concerns have been heightened after Russian President Vladimir Putin instructed the military to perform drills and test combat readiness.
Investors are remaining cautious ahead of Federal Reserve chair Janet Yellen's testimony on Thursday. Yellen will give her views to a US Senate committee on the recent slew of disappointing US data, which has largely been attributed to poor weather conditions rather than structural factors.
Earlier this month, Yellen said the Federal Reserve would continue to taper QE, but there there is no preset course it's – contingent on jobs, inflation, and costs.
Japan's Nikkei is down 0.4 per cent while the Hong Kong Hang Seng Index is up a just over one per cent. South Korea's Kospi is enjoying more modest gains of 0.2 per cent, but the Tokyo Price Index is down 0.6 per cent.