Asian shares dip on eurozone woes Asian shares fell for a fourth day as a downgrade of Spanish banks by Moody's and news Cyprus was seeking a bailout aggravated concerns about Europe's debt crisis. The FTSE Asia Pacific index slipped 0.2 per cent to 218.96, with most domestic indices ending the session lower. The losses were of limited severity, traders said, as both the downgrades and the Cypriot bailout request had been widely expected. "The moves are smaller than the overnight falls in Europe and the US, so the region is not amplifying the overnight moves, more just moving a bit lower in sympathy," said Adrian Foster at Rabobank. Japan's Nikkei 225 Stock Average shed 0.8 per cent to 8,663.99 as risk-averse investors sought the yen's haven qualities. The strengthening currency hit the shares of carmakers and other chief export groups on the index. The biggest faller, however, was Nippon Electric Glass, the maker of ceramic circuit boards and precision glass for display screens, after it issued a profit warning. Shares fell 7.8 per cent to Y448. Among carmakers, Isuzu Motors lost 2.2 per cent to Y396 and Fuji Heavy Industries, which makes Subaru cars, shed 2 per cent to Y628. Electronics groups were also prominent among the fallers. Sharp and Sony both lost 2.9 per cent to Y398 and Y1,102 respectively. Takashimaya, the operator of department stores, bucked the trend, climbing 2.6 per cent to Y590 after it reported a better than expected 69 per cent jump in its first-quarter operating profit. Carmakers were lower in Seoul on fears of falling demand from Europe. Hyundai Motor fell 1 per cent to Won238,500 and its affiliate Kia Motors shed 1.6 per cent to Won76,100. The Kospi Composite fell 0.4 per cent to 1,817.81. The Shanghai Composite in China extended its five-month low, easing 0.1 per cent lower to 2,222.1. Hong Kong's Hang Seng index, however, bucked the weaker trend, adding 0.5 per cent to 18,981.84, helped higher by shipping and property groups. Sydney's S&P/ASX 200 eased 0.4 per cent to 4,013.3 as Seven West Media tumbled 13.7 per cent to A$1.70 on news of the departure of highly regarded chief executive David Leckie. He leaves to become executive director of Seven Group Holdings, Seven West's biggest shareholder and will be replaced by Don Voelte, a former head of Woodside Petroleum. Shares in Seven Group Holdings fell 2.3 per cent to A$7.52.