China scales back GDP growth expectations as it tries to stimulate domestic markets in place of an overrealiance on exports, while the Nikkei descends as part of a strengthened yen.
The Chinese government has been forced to revise growth estimates down to an eight-year low of 7.5% as part of a move designed to shift the economic focus away from exports and towards consumer demand, says Reuters.
The Nikkei 225 has fallen from its seven-month high as energy companies are hit by soaring oil prices, reports Bloomberg. A strengthening yen has also contributed to the downturn.
Insurance company AIG is offering 1.7 billion shares, worth an estimated $6 billion (£3.8 billion) in order to repay the US government reports the BBC. AIG still has to pay back the full amount on the $182 billion bailout it received as a consequence of the 2008 financial crisis.