Asian stocks fell, dragging down the MSCI Asia Pacific Index for the first time this week, after U.S. consumer confidence and home prices dropped more than estimated.
Canon Inc., a Japanese camera maker that gets about 80 percent of its revenue abroad, dropped 0.6 percent in Tokyo as a stronger yen damped the outlook for Japanese export earnings. Tokyo-based Honda Motor Co., the fourth-largest automaker in the U.S., lost 0.3 percent. BHP Billiton Ltd., the world’s biggest mining company, retreated 1.2 percent after the price of copper declined.
In Japan, “stocks, especially exporters, will head lower because of the yen’s appreciation,” said Hiroichi Nishi, an equities manager in Tokyo at Nikko Cordial Securities Inc.
The MSCI Asia Pacific Index fell 0.2 percent to 135.75 as of 9:19 a.m. in Tokyo, with about three stocks declining for every two that advanced.
Japan’s Nikkei 225 Stock Average lost 0.1 percent. South Korea’s Kospi Index was little changed. Australia’s S&P/ASX 200 Index fell 0.3 percent after a two-day holiday.
Futures on the U.S. Standard & Poor’s 500 Index slipped 0.1 percent today. The index rose 0.1 percent yesterday in New York as commodity producers gained on higher prices for energy and metals amid signs of growing global demand.
The New York-based Conference Board said yesterday that its index of U.S. consumer confidence decreased to 52.5 in December, lower than the most pessimistic forecast of economists surveyed by Bloomberg News. A separate report showed a drop in property values.
The yen appreciated to 81.82 against the dollar yesterday in New York, the strongest level in intraday trading since Nov. 12. Against the euro, Japan’s currency climbed to 107.62, the highest since Sept. 14. A stronger yen reduces the value of overseas income at Japanese companies when repatriated.
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