Asian Stocks Outside Japan Fall on China Policy Concern
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Asian stocks outside Japan declined, led by material producers and developers, on concern policy makers in China will step up efforts to cool the property market and as Hong Kong banks raised mortgage rates.
BHP Billiton Ltd., the world’s biggest mining company, slid 2.3 percent in Sydney as commodity prices fluctuated. Country Garden Holdings Co., the Chinese developer controlled by billionaire Yang Huiyan, declined 2.9 percent. Japan’s Nikkei 255 Stock Average, the best performing developed-market benchmark gauge this year, rose after the lower house of Japanese Parliament endorsed Prime Minister Shinzo Abe’s nominees for the central bank leadership.