Asian stocks fell,
with the regional benchmark index retreating from a four-month high, as
crude plunged and Japanese shares tumbled on a stronger yen after oil
talks ended without an agreement on limiting supplies.
The MSCI Asia Pacific
Index fell 1.1 percent to 130.75 as of 9:07 a.m. in Tokyo. The gauge
surged 17 percent from its Feb. 12 low through last week, recouping all
of its losses for 2016, as the Federal Reserve reassured investors that
it won’t rush to increase borrowing costs and a rebound in commodity
prices boosted mining and oil producers. West Texas Intermediate lost as
much as 6.8 percent to $37.61 a barrel in early trading.
Japan’s Topix index
fell 3.1 percent as the yen rose to 108.11 per U.S. dollar. The nation’s
policy makers won little sympathy from its Group of 20 counterparts for
possible intervention to reverse the currency strength. Prime Minister
Shinzo Abe increased the number of rescue workers to 25,000 in the
earthquake-stricken south of the country where 41 people have died since
Thursday in the nation’s most devastating natural disaster since March
2011.
Source: Bloomber
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