Japan's Nikkei 225 Index hit as fears grow over China

Chinese premier, Li Keqiang, confirmed what many suspected that markets may have to brace themselves for a number of corporate debt defaults as deregulation gradually removes state back bailouts. While overinvestment in China has been evident for some time, it is the slowing growth in GDP that has now got amongst investors. Chinese officials have admitted that Q1 GDP could slip below the target 7%. Markets are also wary of the fall in the price of copper, an historically valuable indicator of economic health, particularly in China. The Japanese Yen, being a safe haven currency in Asia, rose on the news, leading to a significant sell off in Japanese exporting shares which dragged the Nikkei 225 down to a 3.3% loss on the day