Markets in Asia came under pressure on Wednesday, particularly shares in Japan, as investors expressed disappointment over the Bank of Japan's latest policy announcement.

Japan's central bank set a 2.0% inflation target and pledged to embark on an unlimited asset purchase programme similar to the Federal Reserve. The central bank also kept its benchmark rate unchanged at a range of zero to 0.1%.

However the unlimited asset repurchase programme will not come into force until January 2014, later than hoped for.

Disappointment that policy action wasn't more immediate and aggressive sent the benchmark Nikkei 225 index closed down 222 points or 2.08% at 10,486, a three week closing low. The broader Topix dropped 1.5% to 887 while the Hang Seng retreated 23 points at 23,635 in Hong Kong.

Meanwhile the BoJ's deferred new monetary stimulus sent the Japanese yen higher for the third day consecutive. The yen was up 0.5% to €117.63 and gained 0.4% to $88.39 around the close in Tokyo.

A slew of exporters came under pressure including Nissan, down 2.77%, Mazda which motored 3.7% into the red while Nikon tumbled 3%.

Electronic parts maker TDK slumped 4.2% after a press report said it was expecting to post a 30% drop in operating profit for the quarter to December as demand for smartphone parts dwindles.

Stocks in Hong Kong succumbed to some light profit taking on Wednesday with investors taking a chunk out of Li Ning, one of China's biggest sports brand companies, after reports that it still has inflated stocks stock levels. Its shares were down 5.3%.


CJ

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