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Asian Shares Fall as Japan Stocks Decline on BOJ Policy
by Cals Tue 11 Jun 2013, 12:10
Asian Shares Fall as Japan Stocks Decline on BOJ Policy
By Yoshiaki Nohara & Anna Kitanaka - Jun 11, 2013 11:53 AM GMT+0800
Asian stocks fell, led by Japanese shares, after the Bank of Japan kept its policy unchanged and the yen jumped. Samsung Electronics Co. dropped after its price target was cut at Morgan Stanley.
Japan’s Topix index declined 0.8 percent, reversing earlier gains of as much as 0.7 percent after the central bank statement. SoftBank Corp. slid 0.5 percent after Sprint Nextel Corp.’s board approved an increased takeover offer from the Japanese mobile carrier. Samsung, the second heaviest-weighted stock on the MSCI Asian Pacific Index, fell 3.2 percent in Seoul.
The MSCI Asia Pacific Index dropped 0.4 percent to 131.23 as of 12:44 p.m. in Tokyo after rising as much as 0.4 percent. The measure gained 1.1 percent yesterday, the biggest gain since May 20. About seven stocks fell for every three that rose.
“Investors were expecting more” from the BOJ, said Koichi Kurose, chief economist in Tokyo at Resona Bank Ltd., Japan’s fifth-largest lender by market value. “They are concerned Japan’s economy will be hurt sooner rather than later as yields rise and inflation expectations rise.”
The Bank of Japan today refrained from extending the length of loans to lenders it uses to smooth bond market volatility, bucking economists’ predictions and sending the yen higher against the dollar. Policy makers stuck with an April pledge to increase the monetary base by 60 to 70 trillion yen ($708 billion) per year.
The MSCI gauge fell 8.7 percent through yesterday from this year’s high on May 20 on speculation that a strengthening U.S. economy will lead the Federal Reserve to scale back record stimulus. The measure traded yesterday at 12.9 times average estimated earnings, compared with 14.9 for the Standard & Poor’s 500 Index and 13 times for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
To contact the reporters on this story: Yoshiaki Nohara in Tokyo at [You must be registered and logged in to see this link.]; Anna Kitanaka in Tokyo at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Nick Gentle at [You must be registered and logged in to see this link.]
By Yoshiaki Nohara & Anna Kitanaka - Jun 11, 2013 11:53 AM GMT+0800
Asian stocks fell, led by Japanese shares, after the Bank of Japan kept its policy unchanged and the yen jumped. Samsung Electronics Co. dropped after its price target was cut at Morgan Stanley.
Japan’s Topix index declined 0.8 percent, reversing earlier gains of as much as 0.7 percent after the central bank statement. SoftBank Corp. slid 0.5 percent after Sprint Nextel Corp.’s board approved an increased takeover offer from the Japanese mobile carrier. Samsung, the second heaviest-weighted stock on the MSCI Asian Pacific Index, fell 3.2 percent in Seoul.
The MSCI Asia Pacific Index dropped 0.4 percent to 131.23 as of 12:44 p.m. in Tokyo after rising as much as 0.4 percent. The measure gained 1.1 percent yesterday, the biggest gain since May 20. About seven stocks fell for every three that rose.
“Investors were expecting more” from the BOJ, said Koichi Kurose, chief economist in Tokyo at Resona Bank Ltd., Japan’s fifth-largest lender by market value. “They are concerned Japan’s economy will be hurt sooner rather than later as yields rise and inflation expectations rise.”
The Bank of Japan today refrained from extending the length of loans to lenders it uses to smooth bond market volatility, bucking economists’ predictions and sending the yen higher against the dollar. Policy makers stuck with an April pledge to increase the monetary base by 60 to 70 trillion yen ($708 billion) per year.
The MSCI gauge fell 8.7 percent through yesterday from this year’s high on May 20 on speculation that a strengthening U.S. economy will lead the Federal Reserve to scale back record stimulus. The measure traded yesterday at 12.9 times average estimated earnings, compared with 14.9 for the Standard & Poor’s 500 Index and 13 times for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
To contact the reporters on this story: Yoshiaki Nohara in Tokyo at [You must be registered and logged in to see this link.]; Anna Kitanaka in Tokyo at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Nick Gentle at [You must be registered and logged in to see this link.]
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