Japanese stocks tanked Thursday after the Bank of Japan decided against implementing new economic stimulus measures.

Tokyo’s Nikkei 225 plunged 3.6 percent to end the day at 16,666. Investors had been hoping Japan would intervene to give the country’s economy a boost. Meanwhile, the yen gained more than 3 percent against the dollar. As reported, a strong yen stands to dent tourism and Japanese companies’ earnings.

Shanghai’s SSE inched down 0.27 percent to end at 2,946, while Hong Kong’s Hang Seng remained in positive territory, ending up 0.1 percent to finish at 21,388.

In Tokyo, Fast Retailing slumped 5.8 percent to end at 29,185 yen, while Shiseido lost 2.1 percent to 2,485 yen. Isetan Mitsukoshi dropped 4.4 percent to 1,184 yen.

In Hong Kong, Chow Tai Fook fell 1.7 percent to 5.35 Hong Kong dollars while Esprit slid 1.6 percent to end at 6.76 Hong Kong dollars. Li Ning fell 0.6 percent to end at 3.40 Hong Kong dollars.