Asian Stocks Drop, Led by Nikkei 225, as Overheating Seen
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Asian stocks dropped, with the regional benchmark index heading for its biggest loss in two months. The Nikkei 225 Stock Average slid the most since May, while Chinese shares fell for the first time in three days.
Honda Motor Co., an automaker that gets 81 percent of its sales overseas, sank 3 percent in Tokyo as a stronger yen dimmed the outlook for exporters. GS Yuasa Corp., a supplier of lithium batteries to Boeing Co., slumped 4.5 percent after All Nippon Airways Co. grounded its fleet of Boeing Dreamliners. Agricultural Bank of China Ltd., the nation’s No. 3 lender, fell 2 percent in Hong Kong after Premier Wen Jiabao said China should “gradually” establish a property tax system.