Asian stocks fell, led by Japanese shares, after the yen and gold climbed as the Swiss central bank™s unexpected scrapping of its currency cap spurred a flight to haven assets.
The MSCI Asia Pacific Index declined 0.1 percent to 138.59 as of 9:00 a.m. in Tokyo, before markets opened in Hong Kong and China. Japan™s Topix index tumbled 1.6 percent as the yen traded near a one-month high at 116.22 per dollar, after gaining 1 percent yesterday. Futures on the Standard & Poor™s 500 Index dropped 0.5 percent.
Australia™s S&P/ASX 200 Index slipped 0.2 percent and South Korea™s Kospi index retreated 0.5 percent. New Zealand™s NZX 50 Index declined 0.1 percent.