ASIAN shares closed lower

Asian stocks fell, with Japanese shares leading declines across the region as the yen gained for a fourth day and metals prices dropped.

The MSCI Asia Pacific Index slid 1.9% to 133.26, with more than four shares falling for each that rose.

Of the 324 companies on the MSCI Asia Pacific Index that have posted quarterly results since July 1 and for which estimates are available, 51% exceeded expectations.  

Japan’s Topix index dropped 3.2%.

The Bank of Japan will maintain its asset-purchasing program at a two-day meeting starting today.

South Korea’s Kospi index and Taiwan’s Taiex index both slipped 1.5%. Australia’s S&P/ASX 200 Index fell 1.9%, its biggest decline since July 3. New Zealand’s NZX 50 Index fell 0.6%.

Hong Kong’s Hang Seng Index decreased 1.1%. The city’s benchmark gauge fell 3.2% this year through yesterday. China’s Shanghai Composite Index fell 0.7%, while Singapore’s Straits Times Index gained 0.2%.

Japanese exporters declined as the yen traded as high as 96.87 per dollar.

Pioneer Corp. sank 8.7% in Tokyo after the maker of car stereos lowered its full-year profit forecast.

Toyota Motor Corp., Asia’s biggest carmaker, dropped 2.4%. Canon Inc., the No. 1 camera maker, slipped 2.5%. Sony Corp., which manufactures Bravia televisions and PlayStation game consoles, fell 4.3%.

Raw-material producers dropped as copper futures fell.

BHP Billiton Ltd., the world’s biggest mining company, dropped 2% in Sydney after copper futures declined.

Rio Tinto Group, the world’s second-largest mining company, decreased 2.1%.

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