Asian
stocks dropped as energy producers fell with crude oil and Japanese
exporters slipped as the yen traded near an 18-month high.
The
MSCI Asia Pacific Index fell 0.3 percent to 126.12 as of 9:02 a.m. in
Tokyo. Japan’s Topix index lost 0.6 percent as the yen held below 111.50
per dollar following a two-day advance. The Federal Reserve’s
commitment to a gradual approach to raising interest rates has steadied
markets, with global equities rallying from a 2 1/2-year low reached
mid-February as central banks around the world work to restore
confidence. Oil’s rebound may have faltered, with anxiety over the
potential disintegration of a Saudi-Russia led pact to freeze output
driving crude’s more than 7 percent slide over the past three sessions.
South
Korea’s Kospi index declined 0.3 percent. New Zealand’s S&P/NZX 50
Index increased 0.1 percent. Australia’s S&P/ASX 200 Index slid 0.1
percent. Markets in mainland China and Hong Kong will resume trading
following Monday’s holiday.
Source: Bloomberg
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