Asian stocks fell, led by a decline in Japanese shares after the yen posted its biggest advance since August against the dollar, weakening the outlook for earnings at exporters.
The MSCI Asia Pacific Index lost 0.2 percent to 138.37 as of 9:28 a.m. in Tokyo, before markets open in China and Hong Kong. Almost two shares fell for each that gained. Japan’s Topix index slid 1.1 percent as the yen traded at 102.02 per dollar. The currency strengthened 1.3 percent yesterday and touched a three-week high.
“Investors remain decidedly cautious as U.S. and global earnings momentum is slowing,” said Matthew Sherwood, Sydney-based head of investment markets research at Perpetual Ltd., which manages about $25 billion. “Japanese shares are bearing the brunt of regional declines in response to increased safe-haven flows into the yen.”
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