Asia stocks lower, dollar surges against yen
Asian stock markets were mostly lower Monday as investors shifted their focus from Europe's debt woes to the strength of the U.S. economy. Japan sold the yen to limit its export-sapping strength.
Japan's Nikkei 225 index fell 0.2 percent to 9,035.95 despite the currency intervention. Hong Kong's Hang Seng slipped 1.2 percent to 19,782.32 and South Korea's Kospi was 0.9 percent lower at 1,912.58.Benchmarks in Australia, mainland China, Singapore and Taiwan also fell, while those in New Zealand, India and Thailand rose.The dollar surged about 5 percent to above 79 yen after Japan sold its currency, which had earlier hit a new post World War II high against the greenback.The strong yen has dented earnings of Japanese corporations such as Nintendo Co. and Toyota Motor Corp. and hurt the economy's recovery from the March 11 earthquake and tsunami. Finance Minister Jun Azumi said monetary authorities could continue intervening.