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Japan's Nikkei share average dropped on Wednesday morning as mining, oil and shipping stocks lost ground, while Bitcoin-related stocks tumbled after the cryptocurrency's value slid on worries about tighter regulations. The Nikkei dropped 0.5 per cent to 23,823.95 in midmorning trade.
The mining, oil and shipping sectors underperformed, losing their recent strength by falling 2.2 per cent, 1.9 per cent and 1.4 per cent, respectively. Inpex Corp slipped 2.2 per cent, Showa Shell Sekiyu dropped 2.1 per cent and Mitsui OSK Lines shed 1.1 per cent.
Bitcoin's slide triggered a selloff across the broader cryptocurrency market as worries about a regulatory crackdown on the market spread after reports suggested it was still possible that South Korea could ban trading in cryptocurrencies. Japanese virtual currency trading company Remixpoint Inc stumbled 4.7 per cent, point media business operator Ceres Inc nosedived 10 per cent and internet services provider GMO Internet tanked 8.6 per cent.
Banking shares also lost ground, with Mitsubishi UFJ Financial Group declining 0.8 per cent and Mizuho Financial Group shedding 1.0 per cent. The broader Topix dropped 0.2 per cent to 1,890.88.
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