South Korean and Australian stocks were among Asian markets ending sharply lower Thursday on fears about the U.S. economic outlook, but a key Japanese benchmark edged up after Tokyo intervened to stem the yen’s appreciation.
In Japan, the Nikkei 225 average inched ahead 22.04 points, or 0.2%, to 9,659.18, amid skepticism the measures can keep the yen down for long and as the size of additional monetary easing announced by the Bank of Japan fell short of some expectations.
The Japanese central bank decided to increase the size of its asset purchases to ¥50 trillion ($630 billion U.S.) from ¥40 trillion earlier.
One expert said that the day’s actions weren’t enough to ease the upward pressure on the yen -- a trend which hurts Japan’s exporters -- because of factors including weakness in the U.S. economy and European fiscal debt issues.
Hong Kong’s Hang Seng Index handed back 107.98 points, or 0.5%, to 21,884.70
Several major Japanese exporters got a lift from the news, with Toyota Motor Corp. rising 0.6%, Nikon Corp. adding 1.3% and Nintendo Co. shares 0.8%
Outside of Japan, several exporters remained under selling pressure, with Hyundai Motor Co. losing 2.3%, and Kia Motors Corp. shrinking 3%, while Foxconn Technology Co. and Asustek Computer Inc. tumbled 3.7% each in Taipei.
Several financial shares were among the decliners, with Australia & New Zealand Banking Group Ltd. falling 2.4%, and National Australia Bank Ltd. shedding 2.3% in Sydney, while HSBC Holdings PLC dropped 1.1% and Bank of Communications Co. shed 1.2% in Hong Kong.
Chinatrust Financial Holding Co. lost 1% in Taipei, and Woori Finance Holdings Co. declined 1.8% in Seoul.
Some resource-sector stocks moved in line with oil and copper prices, which gave ground in regular trading in New York, as worries about economic growth sparked concern about future commodity demand.
Japanese oil major Inpex Corp. declined 2.1% despite the firm posting strong quarterly earnings and raising its profit outlook Wednesday.
Woodside Petroleum Ltd. shed 1.9% in Sydney, while Cnooc Ltd. dropped 2.4% in Hong Kong.
In other markets
Shanghai’s CSI 300 Index regained 5.44 points, or 0.2%, to 2,960.31
Korea’s Kospi Index let go of 47.79 points, or 2.3%, to 2,018.47, for a third straight day of
losses exceeding 2%. The day’s performance gave the index a net loss of 1.6% in 2011 to date.
Taiwan’s Taiex Index fell 139.59 points, or 1.7%, to 8,317.27
Singapore’s Straits Times Index slipped 23.33 points, or 0.8%, to 3,107.01
New Zealand’s NZX 50 Index moved forward 7.95 points, or 0.2%, to 3,377.78
Australia’s S&P/ASX 200 Index weakened 56.30 points, or 1.3%, to 4,276.50
