Asian stocks fell, after U.S. shares dropped the most in almost seven weeks, as oil extended its decline and a stronger yen weighed on Japanese exporters.

The MSCI Asia Pacific Index slid 0.3 percent to 139.70 as of 9:06 a.m. in Tokyo after adding 0.1 percent yesterday. Japans Topix index decreased 0.7 percent after the yen added 0.6 percent against the dollar yesterday. Brent crude and West Texas Intermediate slumped to five-year lows.

South Koreas Kospi index slipped 0.1 percent. Australias S&P/ASX 200 Index sank 0.7 percent, while New Zealands NZX 50 Index was little changed. Markets in China and Hong Kong are yet to open. The Shanghai Composite Index yesterday topped 3,000 for the first time since 2011 as brokerages surged on bets the world-beating stock rally will continue.

WTI slipped 0.2 percent to $62.93 a barrel today after dropping 4.2 percent yesterday to its lowest since July 2009 amid concern hedge funds and other money managers bet too much on rising prices. Both Brent and WTI tumbled 18 percent in November as OPEC decided to maintain its output target.

Source : Bloomberg