Asia Stocks Heading for Five-Day Decline on Fed Concern
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Asian stocks fell, with the benchmark index set for a fifth day of losses, after U.S. equities slumped on concern over the end of the Federal Reserve’s stimulatory bond-buying program. Japan’s Topix index fell the most in almost seven months after the yen extended gains.
Honda Motor Co. and Panasonic Corp. each fell at least 3.7 percent to pace losses among Japanese exporters. OCI Co. tumbled 5.5 percent in Seoul, tracking losses among the world’s biggest solar manufacturers amid concern Japanese demand for renewable energy will weaken. Wotif.com Holdings Ltd. jumped 6.5 percent in Sydney after regulators said they would allow Expedia Inc.’s bid for the online provider of hotel bookings.