Equities start Q2 on sour note as Japan slumps

Japanese shares have slumped in this morning's trading as equity markets struggle to consolidate gains seen in the first quarter of 2013.

Japan's Nikkei 225 index closed down 1.1%, having given up as much as 1.7% ahead of the Bank of Japan's latest policy meeting. Meanwhile, yen rose to a one-month high against the dollar, strengthened by a reported slowdown in US manufacturing. The stronger currency weighed down on Japanese exporters such as Nikon, Canon and Tokyo Electron, whose shares dropped 4.6%, 2.8% and 3.8%, respectively. As a result, the Nikkei slid below the 12,000 mark for the first time in three weeks before closing at 12,003. Elsewhere in Asia, South Korea's Kospi Composite index slipped 0.5% as tensi...