Most Asian stocks fell as the yen strengthened, dragging Japanese shares lower following a three-week rally, before a report on Chinese inflation.
About two shares dropped for each that advanced on the MSCI Asia Pacific Index, which added 0.1 percent to 140.34 as of 9:02 a.m. in Tokyo, before markets opened in Hong Kong and China. Japans Topix index slid 0.5 percent as the yen rose 0.1 percent to 114.47 per dollar, extending its 0.5 percent gain on Nov. 7 after a U.S. jobs report dragged the greenback lower.
Data at the weekend showed Chinese exports rose more in October than economists had estimated, sparking concern over fake invoicing as imports grew slower than expected. Policymakers have eschewed across-the-board stimulus and interest-rate cuts even as growth cooled to the weakest pace in more than five years last quarter. The worlds second-biggest economy reports on consumer and producer prices today.
Australias S&P/ASX 200 Index dropped 0.5 percent and New Zealands NZX 50 Index added 0.6 percent. South Koreas Kospi index gained 0.7 percent, buoyed by a 1.3 percent advance by Samsung Electronics Co.
Japans Topix climbed 16 percent over the three weeks through Nov. 7 and touched a six-year high after the Bank of Japan boosted stimulus and the nations pension fund said it will buy more shares. The yen slumped to a seven-year low against the dollar.
Source : Bloomberg