Economics
Asian Stocks Post Biggest Drop in Almost Seven Weeks
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Asian stocks fell by the most in almost seven weeks, with Japanese shares plunging as the yen maintained gains and Internet shares slumping after a U.S. selloff.
Panasonic Corp., a Japanese consumer electronics company that gets half its revenue overseas, dropped 3.4 percent. SoftBank Corp., which owns a stake in Alibaba Group Holding Ltd., slid 5.1 percent after the Chinese e-commerce company filed for a U.S. initial public offering. Giordano International Ltd. fell 17 percent in Hong Kong after the clothier forecast lower profit. The Bloomberg Asia Pacific Internet Index lost 2.7 percent, its lowest close since November.