FXstreet.com (Barcelona) - Asian Stock markets have been going through losses on Friday's session for third say in a row weighed down by exporters as Sony and Samsung, whose corporate profits have been trimmed seriously by the global recession.
Sony Corp has released its first annual loss in 14 years and the company's shares have plunged 7% in Tokyo shortly afterwards, similar situation has been experienced by Samsung Electronics, whose shares have plunged 4.1% after the release of their first ever quarterly loss.
The MSCI Asia Pacific Index as dropped 2.5% which adds to a total 4.6% drop in the week. Tokyo's Nikkei Index has dropped 3.8% by mid afternoon, while Australian S&P ASX 200 Index has posted losses by 4.1% falling to the lowest level in the last five years.
The Bank of Japan has cut its economic growth forecast once again, predicting Japanese economy to remain intto contraction for 2009 and 2010.