Asian Stocks Slide After Yen Caps Biggest Gain Since 2008 Crisis
- Yen gains past 107 per dollar as Tokyo equity market reopens
- China PMI stabilization reduces need for more stimulus
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Asian stocks fell after the yen rose beyond 107 a dollar, weighing on the earnings outlook for Japanese exporters, while Chinese data suggested there may be less need to loosen monetary policy.
The MSCI Asia Pacific Index lost 1.3 percent to 129.55 as of 4:14 p.m. in Tokyo. Japan’s Topix index tumbled 3 percent after the yen capped the biggest two-day gain against the greenback since the global financial crisis on Friday, spurred by the central bank’s decision not to add to stimulus. Philippine shares fell the most since February before a presidential election next Monday, while markets in China and Hong Kong were closed for holidays.