Asian Stocks Decline as Yen Weighs on Japan, Fed Hawks Speak
- Taiwan’s Taiex drops Tuesday following Monday’s surge
- Fed officials appear to back case for higher interest rates
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Asian stocks fell, on course for the lowest closing level in almost seven weeks, as exporters in Japan were weighed down by the yen and speculation mounted the U.S. is closer to raising interest rates.
The MSCI Asia Pacific Index retreated 0.9 percent to 124.99 as of 4:02 p.m. in Hong Kong, with all 10 industry groups declining. The biggest losses came in Japan, China and South Korea, with the benchmark gauges dropping at least 0.8 percent. The S&P 500 Index slipped 0.2 percent on Monday as an increasing number of Federal Reserve officials appeared to back the case for higher borrowing costs this year. Traders have boosted the probability of higher rates next month to 32 percent, up from 4 percent a week ago.