|Asian Stocks: Japan's Fanuc, Exporters Fall; Hong Kong Declines|
By Tomoko Yamazaki
Tokyo, Feb. 25 (Bloomberg) -- Japan's Nikkei 225 stock average fell for the first day in three, led by exporters such as Fanuc Ltd. after the yen had its biggest gain in more than a week, reducing the value of their overseas sales.
``The yen's sudden gain triggered selling among exporters,'' Makoto Suzuki, who helps manage $1.1 billion in Japanese equities at Chuo Mitsui Asset Management Co. ``The yen may strengthen further before the fiscal year-end.''
The Nikkei 225 stock average shed 0.6 percent to 10,296.47, while the Topix fell 0.2 percent to 987.12. Banks were the Topix index's biggest gainers as a group on hopes they will speed up their bad loan write-offs after the government announces measures to support the market on Wednesday.
In other markets, Hong Kong's Hang Seng Index fell 1.6 percent, after Global Crossing Ltd. shareholders opposed Hutchison Whampoa Ltd.'s plan to buy a stake in the fiber-optic network operator. Korea's Kospi index dropped 0.1 percent, led by Pohang Iron & Steel Co. and other steelmakers, on concern the 26 percent gain as a group in the past two weeks already reflects increasing prices of the metal.