Asian Stocks Reverses Early Loss as Japanese Shares Rally on Yen
- Yen drops after surging to strongest level since October 2014
- Japan's Fast Retailing plunges after cutting profit outlook
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Asian stocks rose, erasing an early loss, after Japanese shares posted their biggest rally in two weeks as the yen dropped for the first time in six days.
The MSCI Asia Pacific Index rose 0.1 percent to 126.04 as of 4:27 p.m. in Hong Kong, wiping out an earlier loss of as much as 1.4 percent. The measure headed for a gain of 0.1 percent for the week. The Topix index climbed 1.2 percent, the most since March 22, with exporters from Nissan Motor Co. to Nintendo Co. rising at least 1.7 percent as the yen weakened after Japanese Finance Minister Taro Aso said rapid currency movements are undesirable and action will be taken as needed.