Asian equity markets were trading with heavy losses as the markets opened on Wednesday, weighed down by weak cues from US markets overnight and a stronger Japanese yen.



Japan's benchmark Nikkei 225 index tumbled 1.01% to 20,632.03 points within the first hour of trade, while Tokyo's broader Topix gauge fell 0.86% to 1,659.42 points.



Korea's benchmark Kospi index fell 0.90% to 2,064.79 points this morning in Seoul, and Chinese markets are set to open shortly.



The benchmark Australian S&P/ASX 200 index plunged 0.96% to 5,652.10 points in Sydney, with banks and miners taking a hit. Inflation figures released earlier on Wednesday showed Australia's CPI rising 0.7% in the June quarter, or 1.5% year-on-year, gaining from the March-quarter increases of 0.2% and 1.3% respectively, due to a rebound in fuel prices.



New Zealand's benchmark S&P/NZX 50 index rose 0.54% to 5,908.41 points this afternoon in Wellington.



Indian market has opened with small cuts. The Sensex is down 22.72 points at 28159.42, and the Nifty is down 18.65 points at 8510.80.