Asia shares in retreat from risk, yen gains

Asian shares were in retreat on Thursday as strains in emerging markets returned with a vengeance and the Federal Reserve further scaled back its stimulus - sending investors scurrying to safety in bonds and yen. Japan's Nikkei (NIK:^9452) shed 2.5 percent, so surrendering almost all of the previous day's gains. Australian stocks fell 1 percent (.AXJO), while MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3 percent. Most Asian markets had rallied on Wednesday on hopes that aggressive rate hikes by Turkey would shore up its currency and ease the risk of capital flight.

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