Asian markets lost ground, led by the poor performance of Japanese equities on a day marked by a strong yen and disappointing US earnings forecasts. Stocks were also awaiting Chinese manufacturing data. Also of note was the rally in Malaysian and New Zealand currencies. The MSCI Asia Pacific index was down 0,2% as of 9:54 am in Tokyo, while the Japanese.
Topix was in decline for the second consecutive day, shedding 0,4 percent. The Malaysian ringgit advanced for the second consecutive day and the kiwi currency, which had recovered the day before from its biggest slide since last August, was back on its feet. Finally, the yen held its ground after jumping 0,8% the day before.
"Markets have been advancing for a long time and now there is not enough earnings momentum to sustain the pace of growth," said Nader Naeimi, head of dynamic asset allocation at AMP Capital Investors in Sydney. "Savers are still too optimistic about future earnings."
Australia's S&P/ASX 200 gained 0,4% after breaking a six-day rally the day before. Kospi lost 0,15 in Seoul.
