Asian stocks fell, with the regional benchmark index retreating from its highest close in six years, as investors weighed valuations after U.S. equities declined.
The MSCI Asia Pacific Index lost 0.3 percent to 144.09 as of 9:02 a.m. in Tokyo. The measure rebounded 11 percent through yesterday from this year��s low in February amid signs China��s economy is stabilizing and the U.S. recovery is intact. Shares on the gauge traded at 13.3 times estimated earnings yesterday, compared with a multiple of 16.4 for the Standard & Poor��s 500 Index and 15.5 for the Stoxx Europe 600 Index.
Japan��s Topix index lost 0.7 percent. South Korea��s Kospi index and Australia��s S&P/ASX 200 Index were little changed. New Zealand��s NZX 50 Index retreated 0.1 percent after the Reserve Bank raised interest rates for the third time this year and signaled more tightening to come.
Japan��s currency gained a third day amid speculation the Bank of Japan will refrain from expanding stimulus at a meeting that starts today, diverging from the European Central Bank that unveiled record easing last week. The yen added 0.1 percent to 102 per dollar today after advancing 0.3 percent yesterday.
Source : Bloomberg