Asia’s stock indices fell and commodities prices declined after U.S. Federal Reserve Chairman Ben S. Bernanke said "significant" challenges remain to revive the world’s biggest economy.
In Tokyo, the Nikkei 225 index fell back 61.29 points, or 0.6%, to 9,729.93
In Hong Kong, the Hang Seng Index gave back 29.83 points to 22,914.15.
Westpac Banking Corp. lost 2.3% in Sydney, where the Australian central bank said the pace of interest-rate increases was an "open question." Gold was 0.8% below its record.
The U.S. economic recovery will be restrained by the "headwinds" of reduced bank lending and a weak labor market, and "future setbacks are possible," Bernanke said in a speech to the Economic Club of New York yesterday
The dollar index against six major currencies including the euro and the yen was at 74.940, near a 15-month low, and down 7.9% this year.
Taiwan stocks and the currency pared earlier gains on concern a financial cooperation agreement with China lacked details and will take months to implement. The Taiwan dollar was up 0.2%, according to Taipei Forex Inc.
Platinum, used to clean car exhaust systems, jumped to $1,454 U.S. an ounce, its highest price since September last year, before reversing to trade 0.4% lower at $1,438.50.
Copper has more than doubled this year as $11.9 trillion U.S. of stimulus measures pledged by Group of 20 governments to ease credit and revive economic growth pull the world out of recession.
APEC leaders, who represent 54% of the global economy, said over the weekend they will keep steps designed to stimulate the economy until there is "durable" growth.
Elsewhere:
The Shanghai 300 Composite Index eked out a gain of 2.56 points to 3,628.35.
Taiwan’s Taiex index settled 59.47 points, or 0.8%, to 7,733.21.
Singapore’s Straits Times index was down 18.90 points, or 0.7%, to 2,764.95
Korea’s Kospi index lost 6.49 points, or 0.4%, to 1,585.98
New Zealand’s NZX Index finished 42.45 points, or 1.3%, lower, to 3,131.52
Australia’s S&P/ASX 200 declined 25.80 points, or 0.5%, to 4,729.40
