Asian Stocks Decline, Led by Japanese Shares, as Yen, Won Climb
Bloomberg, (30/5) -- Asian stocks
fell, led by Japanese shares, amid concern the U.S. Federal Reserve will
reduce debt purchases as the economy recovers. The yen appreciated
against almost all its major peers and South Korea’s won strengthened.
The MSCI Asia Pacific Index declined 1 percent at 9:14 a.m. in Tokyo. Japan’s Topix Index tumbled 2.6 percent, heading for its first monthly loss since August. Standard & Poor’s 500 Index futures were little changed. The yen rallied 0.4 percent to 100.77 per dollar, while the won climbed 0.4 percent. Yields on Japanese 10-year notes fell four basis points from the highest level in 13 months.
The world’s biggest economy grew at an annualized 2.5 percent pace in the first quarter, unchanged from a preliminary reading last month, economists said before Commerce Department data today. The Bank of Japan is trying to steady a debt market where volatility has risen to the highest in four years due to unprecedented monetary easing.
“Apart from volatility caused by the currency and bonds, we are at a juncture where further moves from Japanese equities need to be fundamentally driven,” said Angus Gluskie, managing director at White Funds Management in Sydney, who manages more than $400 million. “It’s difficult for the market to keep rallying.”
Consumer discretionary and industrial companies led declines on MSCI’s Asia Pacific index, which has slumped 3.8 percent this month. Australia’s S&P/ASX 200 Index dropped 0.4 percent. South Korea’s Kospi index was little changed.
The MSCI Asia Pacific Index declined 1 percent at 9:14 a.m. in Tokyo. Japan’s Topix Index tumbled 2.6 percent, heading for its first monthly loss since August. Standard & Poor’s 500 Index futures were little changed. The yen rallied 0.4 percent to 100.77 per dollar, while the won climbed 0.4 percent. Yields on Japanese 10-year notes fell four basis points from the highest level in 13 months.
The world’s biggest economy grew at an annualized 2.5 percent pace in the first quarter, unchanged from a preliminary reading last month, economists said before Commerce Department data today. The Bank of Japan is trying to steady a debt market where volatility has risen to the highest in four years due to unprecedented monetary easing.
“Apart from volatility caused by the currency and bonds, we are at a juncture where further moves from Japanese equities need to be fundamentally driven,” said Angus Gluskie, managing director at White Funds Management in Sydney, who manages more than $400 million. “It’s difficult for the market to keep rallying.”
Consumer discretionary and industrial companies led declines on MSCI’s Asia Pacific index, which has slumped 3.8 percent this month. Australia’s S&P/ASX 200 Index dropped 0.4 percent. South Korea’s Kospi index was little changed.
Komentar