Asian stocks dropped, with Japanese shares dragging the regional index lower, and gold rose from a four-year low. The euro climbed to a 10-month high versus the yen before the European Central Bank decides monetary policy.
The MSCI Asia Pacific Index slipped 0.6 percent by 1:17 p.m. in Tokyo, as the Topix index retreated 0.9 percent and futures on the Standard & Poor’s 500 Index fell 0.2 percent. The euro bought 143.14 Japanese yen after earlier trading at the strongest level since Jan. 2. Gold for immediate delivery climbed 0.3 percent to $1,144.18.
The ECB is expected to hold rates at record lows when it meets for the first time since the Bank of Japan boosted its unprecedented stimulus, a move that stoked a rout in the yen and fueled gains in the nation’s equities. The Bank of England is also seen holding rates today. Private payroll data yesterday showed U.S. companies added more workers in October than in September, with the government’s monthly report due tomorrow.