Tuesday, January 8, 2013

(BN) Most Asian Stocks Drop as Japanese Exporters Fall on Yen Rebound

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Most Asian Stocks Drop as Japanese Exporters Fall on Yen Rebound
2013-01-08 00:31:47.705 GMT


By Jonathan Burgos and Adam Haigh
Jan. 8 (Bloomberg) -- Most Asian stocks fell as Japanese
exporters declined after the yen advanced for a second day,
dimming the earnings outlook for the nation's auto and
electronics manufacturers.
Nissan Motor Co., which gets about 79 percent of sales from
overseas, slipped 1.4 percent. Aozora Bank Ltd. declined 4.8
percent, extending losses for a second day, after the Japanese
lender confirmed Cerberus Capital Management LP will sell most
of its holdings. Woodside Petroleum Ltd., Australia's second-
largest oil producer, gained 0.9 percent in Sydney as crude oil
traded near a four-month high.
The MSCI Asia Pacific Index fell 0.1 percent to 131.38 as
of 9:29 a.m. Tokyo time, with about three shares falling for
each two that rose. Markets in China and Hong Kong have yet to
open. The regional benchmark gauge posted its seventh weekly
advance last week, the longest winning streak since March last
year, after U.S. Congress approved a budget deal and
manufacturing reports from China and the U.S. added to signs of
a global recovery.
"We don't expect a no-brainer one-way climb for stocks,"
said Michael Kurtz, chief global equity strategist at Nomura
Holdings Inc. in Hong Kong. "Japan for its part has delivered a
key step toward expectations of a major pro-reflation policy
shift."
The Nikkei 225 Stock Average climbed 22 percent through
yesterday from Nov. 14 when elections were announced, driving
the gauge into a bull market on expectations a new government
would call for more stimulus and a weakening currency boosted
the earnings outlook for exporters. Prime Minister Shinzo Abe, a
proponent for more monetary policy easing, will have a chance to
reshape the Bank of Japan early this year, when the terms of
Governor Masaaki Shirakawa and his two deputies expire.

For Related News and Information:
Top stock-market news: TOP STK <GO>
World equity valuations: WPE <GO>
World equity index monitor: WEI <GO>
Most-read stock market stories: MNI STK <GO>
Developed markets overview: DMMV <GO>

--Editor: John McCluskey

To contact the reporters on this story:
Jonathan Burgos in Singapore at +65-6212-1156 or
jburgos4@bloomberg.net;
Adam Haigh in Sydney at +61-2-9777-8635 or
ahaigh1@bloomberg.net

To contact the editor responsible for this story:
Nick Gentle at +852-2977-6545 or
ngentle2@bloomberg.net

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