Asian Stocks Enter Correction on Japanese Exporter Shares
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Asian stocks declined, with the regional benchmark index entering a correction, as shares of Japanese exporters retreated after the yen strengthened.
Toyota Motor Corp., the world’s biggest carmaker, slid 2.5 percent and was the biggest drag on drag on the Asia-Pacific gauge. Japan Display Inc., a maker of mobile-device screens for Apple Inc., sank 8.1 percent after CLSA Asia-Pacific Markets cut its rating to underperform. HCL Technologies Ltd. tumbled 9.1 percent after the Indian computer software maker posted sales that missed analyst estimates. Cnooc Ltd., China’s biggest offshore energy explorer, added 3.8 percent after crude prices rebounded.