Asian stocks fall on US growth jitters, earnings; BOJ eyed

Asian stocks sold down early Thursday on the back of mixed corporate earnings and tracking declines offshore amid renewed concerns over the U.S. economy.

Fresh data showed U.S. economy expanded a meager 0.2 percent in the first three months of the year, thanks to a strengthening dollar and stubbornly frugal consumers amid the harsh winter. The gross domestic product (GDP) print was much lower than the 1.0 percent estimated by Reuters economists and a big step down from the fourth quarter's 2.2 percent.

Overnight, Wall Street ended lower after the Federal Reserve offered no changes to its zero interest rate policy following weak first-quarter gross domestic product (GDP) data. The Fed's April statement also removed all calendar references and showed no new guidance on the timing of the rate hike.

Also in focus is the Bank of Japan (BOJ), which is expected to maintain its massive stimulus program at its monthly policy meeting today. However, according to the Nikkei business daily, the central bank could lower its median inflation estimate for fiscal 2015 from the current 1 percent in its semiannual report. The new figure will likely fall somewhere between 0.5-1 percent, the report said.
Nikkei tanks 1.9%

Japan's Nikkei 225 nosedived to a seven-day low as it played catch-up with the region after being closed for the Showa Day holiday on Wednesday.

Kospi drops 0.6%

South Korea's benchmark Kospi index edged down in early trade amid a fresh batch of corporate earnings releases.

ASX falls 1%

Australia's S&P ASX 200 index tumbled to a six-week low, on course to chalk up a three-day losing streak, as the Australian dollar strengthened to hover near the 80 U.S. cent mark.