The Japanese yen hit a four-month high, while the Nikkei share index fell 2.5% after the Bank of Japan shocked markets on Tuesday by lifting the cap on bond yield controls.

There is worry about the threat of a huge number of deaths, while the US voiced concern about virus mutations and the economic impacts, both at home and abroad

Stocks in China suffered their biggest fall in seven weeks, while Hong Kong, Tokyo, Sydney and most of Southeast Asia also declined. Indian markets, however, enjoyed a small rise.

The survey suggests that the Chinese economy "may be heading for recession in 2023," World Economics said

China's rocky exit from zero-Covid has forced banks and financiers to dust off plans devised to cope with the health crisis, injecting greater of unpredictability into markets

Prime Minister Kishida Fumio announces a five-year plan to prepare the country's armed forces for possible conflict amid rising tensions across the region

Health officials are concerned about rural areas, which are likely to see the return of many family members next month, but have had little exposure to the virus since the pandemic erupted

The US has added dozens of firms to its trade blacklist in a bid to curb China's military, human rights abuses, and block suppliers of the Russian military

US regulators say American auditors have got the green light to inspect the books of US-listed firms in China for the first time, after trial inspections in Hong Kong several months ago

YMTC is likely to be added to the US Commerce Department's 'Entity List', which bars American firms from selling technology to companies unless they get an export licence, sources have said

There are fears of severe health impacts and major economic disruption as Beijing and other cities are experiencing huge waves of Covid cases

China is likely to roll out a fourth Covid shot – or second booster – this week for elderly citizens aged 60 and above, plus high-risk groups with serious underlying disease, the Global Times says.