Overnight

For Japan it's the same old same, same old with concern about weak consumer demand and flagging exports as the yen has appreciated 12% against the dollar so far this year. Then, too, many are waiting to see what if any results kick in from negative zero interest rates. Patience in some quarters are growing thinner.

On the other side of the globe the U.S. central bank meets this week as Asian investors keep a sharp watch out for will they or won't they hike rates. As of now the consensus appears they won't. Asian shares traded lower overnight with concerns about the U.S. central bank and the Bank of Japan on tap this week and Brexit to follow a week later. It's fairly safe call volatility will remain an issue until after the UK votes in or our.

The Nikkei dropped 2.6% as a stronger yen put stress on sharerices. Bond yiels in Korea dropped as Reuters reported: "The yield on South Korea's benchmark 10-year treasury bonds fell below the comparable U.S. yield on Thursday for the first time in nearly 10 years, reflecting their divergent monetary policy settings. South Korea's 10-year treasury bonds yielded as low as 2.463 percent, compared with 2.473 percent for the U.S. Treasury Bonds. It was the first time since October 2006."

The Kospi was off 1.6%, the Hang Seng index fell 2.41%, the Shanghai composite edged 0.71% lower and the Shenzhen composite gave up 0.88%, the ASX 200 down 0.92%. Oil traded struggled with the magical $50 a barrel level barely staying above it.