Asian Stocks Pare Weekly Advance; Japan Slips as Yen Strengthens
- MSCI Asia Pacific Index heads for fourth weekly advance
- Japan shares retreat for second day as yen strengthens
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Asia stocks pared the week’s gains, with a benchmark measure retreating from its highest close in 19 months as investors mirrored selling by U.S. peers ahead of a three-day weekend for President’s Day on Monday.
The MSCI Asia Pacific Index lost 0.3 percent to 144.93 as of 5:20 p.m. Hong Kong time, led by consumer discretionary and phone stocks. Eight of 11 groups in the index dropped. The gauge is set for a fourth straight weekly advance after Thursday closing at its highest level since July 2015. Shares in Tokyo declined for a second day as the yen strengthened, with automakers and technology companies the biggest drags on the Topix gauge.