The sentiment soured on the Asian indices, with steep losses in Japanese indices dragging rest of Asia lower and triggered a fresh wave of risk-aversion across the financial markets. Moreover, the Asian markets set-off the fresh quarter on a bearish note, following the best monthly advance since October, as investors remained wary heading into the US labour market report. Nikkei sinks on stronger yen, oil slide The Japanese benchmark index, the Nikkei 225 came under heavy selling pressure on the final trading day of the week on the back of the extended sell-off in oil prices, while poor local economic news also weighed on the sentiment. The Tankan index of sentiment among large manufacturers fell to a reading of 6 in the first quarter, the lowest level since mid-2013, from 12 previous, against expectations of a reading of 8. Whilst the Chinese indices ignored the surprisingly positive Chinese manufacturing PMI reports as well as the overnight rally in the copper prices, and fell in the red, with the benchmark Shanghai Composite index down -0.37%, Shenzhen’s CSI300 also losing -0.37% Markets in Hong Kong were deep into losses, with the Hang Seng dropping -0.77% at 20,616 points. The Australian markets snapped the previous rebound and slid -1.65% below 5k mark, as deteriorating risk conditions curbed appetite for riskier assets. Moreover, reports released yesterday that S&P cut the outlook for China’s credit rating to negative from stable also continued to weigh on investors’ minds. For more information, read our latest forex news.