Japan’s Topix index rose a third day as the yen fell on signs U.S. lawmakers may strike a deal to raise the debt ceiling and amid optimism the dollar will strengthen after Federal Reserve minutes indicated tapering of stimulus was likely this year.
Asian stocks slumped, dragging the MSCI Asia Pacific Index to a one-month low, as a record plunge in U.S. home sales and slowing export growth in Japan added to evidence a global economic recovery is weakening.
Asian stocks fell, with Japan’s benchmark index reaching a 16-month low, on signs the global recovery is slowing. The yen retreated from a 15-year high on prospects authorities will act to stem its gains, and oil prices snapped a five-day loss.
Japanese stocks fluctuated as China- related companies fell on concern the country’s economic growth will slow, while chip shares rose for a second day after Intel Corp. forecast sales that may exceed analyst estimates.
Asian stocks sank, with the regional benchmark index headed for the biggest drop since September 2011, as Japanese shares plummeted after preliminary China manufacturing data unexpectedly signaled a contraction and the yen strengthened.