Most Asian stocks fell as the yen at its highest in almost a month versus the U.S. dollartempered the outlook for Japan’s exporters after a better-than-expected U.S. manufacturing report.
Honda Motor Co. (7267) and Toyota Motor Corp. were among the biggest drags on the MSCI Asia Pacific Index as the yen advanced, damping their earnings outlook. Metcash Ltd. , an Australian grocery distributor, dropped 3.5 percent after announcing store closures and job cuts. Billabong International Ltd., a surfwear maker that gets about 50 percent of revenue from the Americas, advanced 1.1 percent in Sydney.
The MSCI Asia Pacific Index rose 0.19 point, or 0.2 percent, to 127.35 as of 9:37 a.m. in Tokyo, with more than four stocks falling for every three that climbed. Photographer: Tomohiro Ohsumi/Bloomberg
The MSCI Asia Pacific Index rose 0.19 point, or 0.2 percent, to 127.35 as of 9:37 a.m. in Tokyo, with more than four stocks falling for every three that climbed. The measure gained 0.4 percent yesterday, extending its best quarterly rally since the third quarter of 2010.
Japan’s Nikkei 225 Stock Average dropped 0.5 percent. Korea’s Kospi index advanced 0.6 percent, as Hyundai Motor Co. and Samsung Electronics Co. increased. Australia’s S&P/ASX 200 Index added 0.3 percent in Sydney.
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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