Asian equity markets dropped after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.

Equity benchmarks dropped in Japan and South Korea, while futures for Hong Kong also declined. Australian financial markets are shut for a holiday. The yen traded in a narrow range after weakening beyond 155 per dollar for the first time in more than three decades on Wednesday, heightening the chances of intervention.