Japan's Nikkei dropped one per cent, while South Korea's KOSPI slid more than five per cent. (AP PHOTO)Japan's Nikkei dropped one per cent, while South Korea's KOSPI slid more than five per cent. He had earlier called off an attack on Iran to pursue a deal to reopen the Strait of Hormuz. "For equity markets, the fundamental picture remains encouraging," said Bruno Schneller, managing partner at multi-family office Erlen Capital Management. Japan's Nikkei dropped 1 per cent, while South Korea's KOSPI slid more than 5 per cent.