Asian Stocks Fall on Stronger Yen Amid Deposits Concern

Asian Stocks Fall on Stronger Yen Amid Deposits Concern

Bloomberg (26/3) - Asian stocks fell, led by Japanese shares, as the yen gained amid concern that Cyprus’s bank- restructuring plan will be used as a template for other European nations, imperiling bondholders and depositors. The MSCI Asia Pacific Index dropped 0.1 percent to 135.51 at 9:34 a.m. in Tokyo before markets in Hong Kong and China opened. About three stocks fell for every two that rose on the measure, which gained 1 percent yesterday, the most since March 6. The MSCI Asia Pacific Index gained 4.9 percent this year through yesterday on improving economic data from the U.S. and speculation that Japan will deploy more stimulus. The Asian benchmark traded at 15 times estimated earnings on average, compared with 14 times for the Standard & Poor’s 500 Index and 12.6 times for the Stoxx Europe 600 Index. http://www.bloomberg.com/news/2013-03-26/asian-stocks-fall-on-stronger-yen-fading-optimism-on-cyprus.html