Asian Stocks Mixed

Asian stocks pared a third day of gains, regional bond risk dropped the most in a month and emerging-market currencies weakened after the Federal Reserve reduced stimulus while pledging to hold interest rates close to zero. Chinese shares swung between gains and losses.

The MSCI Asia Pacific Index rose 0.1 percent by 12:33 p.m. in Tokyo. The Nikkei 225 Stock Average climbed 1.5 percent. Standard & Poor’s 500 Index (SPX) futures lost 0.2 percent after the gauge surged to a record and a Hong Kong measure of Chinese shares swung to a drop from a gain of more than 1 percent. The Markit iTraxx Asia index of credit-default swaps decreased 4 basis points. South Korea’s won slid the most in six months, while the yen rebounded from a five-year low against the dollar. Copper and silver declined at least 0.5 percent.

The Fed said it will cut monthly bond purchases to $75 billion from $85 billion amid an improved outlook for the U.S. job market. It’s the first step in unwinding record stimulus put in place by outgoing Chairman Ben S. Bernanke to stoke a recovery in the American economy. Fed officials also reduced their projection for unemployment while the U.S. Senate passed a bipartisan budget bill. The Bank of Japan starts a two-day meeting today.


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