Nikkei 225 closes lower by 1.21% at 20,405.65
Asian equities on the defensive today but are off the lows
Markets were initially spooked by the dismal performance by Wall St overnight as recession fears took over but as we head towards the end of the session, we're seeing those fears abate somewhat as US futures display more calm.
The Nikkei is ending at levels close to the highs for the day while the Hang Seng index has pared earlier losses to flat levels now. Bonds are still suggesting that markets should be more cautious with currencies still on the fence at the moment to start the session.
USD/JPY is holding flat at 105.91 with little change across major currencies except for the aussie, which gained on the back of a more solid labour market report earlier.