Stagflation erodes Asian stocks

Stagflation pulls down Asian stocks Rising oil prices are set to continue, further impacting on Asian markets
[File: GALLO/GETTY]

Asian stocks continue to fall, particularly reflected through the Japanese stock market where the longest losing streak in half a century reached the eleventh consecutive day.

The Nikkei index dived in the longest series of declines since 1953, after the Dow Jones industrial average sank, closing more than 20 per cent below its peak in October.

The dollar nearly reached a two-month low against the euro after a report on Wednesday showed that US private employers cut the most jobs in nearly six years.