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Asian shares drop on weaker Wall Street

On Thursday, Asian shares descended, taking their cue from an overnight sink on Wall Street, while the greenback marked time ahead of Friday's speech by Fed Chair Janet Yellen at the global central bankers' gathering.

Outside Japan MSCI's broadest index of Asia-Pacific shares tumbled 0.3%.

Australian shares sagged 0.1%, South Korean Kospi dropped 0.2%, while Japanese Nikkei descended 0.3%.

On Wednesday, Wall Street retreated, sinking due to weakness in the materials as well as healthcare sectors, with the Dow shedding 0.4% and S&P 500 dropping 0.5%.

Financial markets are waiting for Yellen's statement in Jackson Hole, Wyoming, on Friday. All of them need the latest insight on the American monetary policy outlook.

Recent hawkish comments from some Fed representatives, including Vice Chairman Stanley Fischer, have spurred hopes that Yellen would share their views.

The evergreen buck has swayed in both directions over the past week as hopes for a near-term Fed rate lift have dropped. 

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