Asian stocks fell for a fifth day, with the regional benchmark index heading for its second week of losses, following a decline in U.S. equities as Greece asked for a deferral on its debt payments.

The MSCI Asia Pacific Index dropped 0.3 percent to 148.85 as of 9:01 a.m. in Tokyo, heading for a 1.7 percent decline this week amid a selloff in bonds and commodities. The Standard & Poor 500 Index dropped on Thursday as raw-material producers slid and Greece became the first country since the 1980s to defer a payment to the International Monetary Fund. While international officials have reported some progress in the talks in recent days, German Chancellor Angela Merkel said they were far from reaching a conclusion.

The global bond rout, reignited this week by signs of inflation in the euro area, took a breather on Thursday, with 10-year U.S. Treasuries rising for the first time this week. Germany 10-year bund yields reached almost 1 percent before pulling back to 0.84 percent, while rates from Spain to Italy retreated.

Japan Topix index slipped 0.7 percent. Australia S&P/ASX 200 Index lost 0.1 percent. New Zealand NZX 50 Index sank 0.4 percent, as did South Korea Kospi index. Markets in China and Hong Kong have yet to open.

Source : Bloomberg