Strong yen hits stocks dependent on exports

Nikkei:10,452.71 (–126.39) Hang Seng:22,601.04 (–305.86) Shanghai Comp:2,879.21 (+16.57)

ASIAN STOCKS fell yesterday as oil surged above $100 a barrel for the first time in two years amid escalating conflict in Libya.

Japanese exporters declined after the yen rose to as high as 82.11 against the dollar in Tokyo.

Sony, the maker of Bravia televisions and PlayStation gaming consoles, dropped 1.5 per cent to ¥2,932 in Tokyo.

Canon, the world’s top maker of cameras, lost 1 per cent to ¥3,905.

Toyota dropped 1.7 per cent to ¥3,675. Mazda Motor, the nation’s second-largest car exporter, sank 1.4 per cent to ¥210.

Tobu Railway, a bus and train operator, fell 12 per cent.

Origin Energy, which is set to become Australia’s largest energy retailer after buying power assets, declined 3.5 per cent to A$15.91 in Sydney.

Qantas, Australia’s top airline, fell 3.3 per cent to A$2.33.

Singapore Airlines lost 1.4 per cent to S$13.68. “We’re having a natural reaction to the unrests with oil going above $100,” Todd Martin, Société Générale’s Asia equity strategist, said in a Bloomberg Television interview in Hong Kong. – (Bloomberg)