Asian markets in red, fail to erase previous losses

Today is the 3rd consecutive day for the continuous free fall in Asian markets. Investor's confidence also remains weak as oil prices sank over 6% overnight. On the other side Yen and gold are enjoying the safe haven status.

The USD/JPY pair was trading down 0.54% at 114.59 on Wednesday morning in Asia, close to its weakest level since late 2014. In addition, gold remain well supported around $1190 marks.

The benchmark Nikkei 225 index was trading 2.40% lower to 15,699.83 points on Wednesday morning in Tokyo, while Japan's broader Topix gauge fell 1.20% to 1,288.73 points.

Australia's benchmark S&P/ASX 200 index was trading 1.28% lower at 4,770.90 points, while New Zealand S&P/NZX 50 index fell 0.22% to 6,058.53 points.

Chinese markets were closed for the Spring Festival holiday on Wednesday and aren't set to open again until Monday.