Asian Stocks Gain, Led by Japan Shares, on BOJ Stimulus – Bloomberg

Asian stocks outside Japan dropped,
led by Chinese shares after the country reported more infections
from a deadly new strain of bird flu. Japanese shares rose and
the yen fell for a third day after the Bank of Japan (8301)’s record
stimulus.

The MSCI Asia Pacific Excluding Japan Index (MXAP) slid 0.4
percent to 459.35 as of 10:43 a.m. in Tokyo. Gains from Japanese
shares were muted on the broader MSCI Asia Pacific Index as the
regional benchmark is priced in U.S. dollars. The measure fell
last week as at least six people died following the fatal bird-
flu outbreak in China, outweighing a surge in Japanese shares
sparked by the unprecedented stimulus from the Bank of Japan’s
new leadership.

Japan’s Nikkei 225 added 2.5 percent in local currency
terms and rose 1.1 percent when priced in U.S. dollars.
Australia’s S&P/ASX 200 Index was little changed and South
Korea’s Kospi index slipped 0.1 percent. New Zealand’s NZX 50
Index slid 0.7 percent and Singapore’s Straits Times Index lost
0.1 percent.

Hong Kong’s Hang Seng Index lost 0.3 percent and China’s
Shanghai Composite dropped 1.8 percent. The Shanghai measure has
slumped in the past two months amid concern steps to cool
property prices will drag on economic growth.

To contact the reporters on this story:
Adam Haigh in Sydney at
ahaigh1@bloomberg.net;
Toshiro Hasegawa in Tokyo at
thasegawa6@bloomberg.net

To contact the editor responsible for this story:
Nick Gentle at
ngentle2@bloomberg.net