Asian markets were mostly lower on Wednesday, with Dow futures tumbling and the safe-haven yen climbing amid political and legal turmoil surrounding President Donald Trump . "Investors are deeply concerned that all the political noise will morph into economic risk as the political back-fence talk, speculation and dirty laundry could detract from Trump's key agenda: Tax reform," Stephen Innes, senior trader at OANDA, said in a note on Wednesday. The Dow Jones industrial average futures for June tumbled 107 points to 20,828 by 2:16 p.m. HK/SIN, after trading as low as 20,802 earlier in the session, compared with the index's close at 20,979.75, as risk-off sentiment struck the market. The Nikkei fell 0.53 percent, or 104.94 points, to end at 19,814.88, as the safe-haven yen strengthened in the wake of renewed political risk. The dollar was fetching just 112.34 yen at 2:17 p.m. HK/SIN, an around two-week low. Hong Kong's Hang Seng Index edged down 0.19 percent by 3:26 p.m. HK/SIN. On the mainland, the Shanghai Composite ended down 0.26 percent, or 8.22 points, at 3104.74, while the Shenzhen Composite edged up 0.13 percent, or 2.42 points, to end at 1867.68.. In South Korea, the Kospi ended down 0.15 percent, or 3.52 points, at 2291.53. Australia's S&P/ASX 200 dropped 1.10 percent, or 64.52 points, to end at 5786.00.

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In the U.S., Trump defended his actions, saying on Twitter that he had "the absolute right" to share classified intelligence with Russian officials. The President's tweets came after his national security adviser told the media that the incident reported by the Washington Post did not take place. Additionally, the New York Times published a report on Tuesday — later confirmed by NBC News — that then-FBI Director James Comey wrote a memo outlining a conversation in which Trump allegedly asked him to stop investigating now-fired national security adviser Michael Flynn. Trump later fired Comey, which the president admitted was in part influenced by an investigation to his campaign's ties to Russia. Elsewhere, calls grew for a wider investigation as a key House Republican asked the FBI on Tuesday for any records it has on communications between Comey and Trump.