Yen Gains as Asian Stocks Decline With Commodities on Japan Data
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Bloomberg (01/4) - The yen strengthened and Asian shares
fell after capping a third quarterly advance as a survey of sentiment
among Japan’s largest manufacturers missed estimates. Commodities
declined for a second day as corn and silver headed for a bear market.
The yen rose 0.7 percent to 93.58 per
dollar as of 8:12 a.m. in London after last month capping the longest
stretch of losses in 12 years. The MSCI Asia Pacific Index lost 1.1
percent as Japan’s Topix Index dropped 3.3 percent, the most since March
2011. Standard & Poor’s 500 Index futures declined 0.1 percent
after the gauge reached a record last week. The S&P GSCI Index of 24
commodities fell 0.6 percent. Corn sank to a nine-month low, silver
retreated to the lowest since August and rubber entered a
The Bank of Japan’s Tankan index of
confidence among large manufacturers lagged economist estimates while
data today showed South Korean exports rose less than expected. A
manufacturing gauge in China
expanded at a faster pace even as data trailed forecasts. Global stocks
beat all other investments for a second quarter, the first back-to-back
outperformance since 2009.
About three stocks fell for every one that rose on the MSCI Asian gauge, which has rallied in the past five months on signs the U.S. economy
is recovering, gaining 4.8 percent last quarter. Japan’s Nikkei 225
Stock Average declined 2.1 percent. The Tankan rose to minus 8 in March
from minus 12 in December, the Bank of Japan (8301) said today. The median estimate in a Bloomberg News survey was minus 7.
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