April 12 (Bloomberg) - Asian stocks fell more than about a month after the Monetary Fund International yesterday cut its forecasts of economic growth for the United States and the Japan, which was also hit by a series of strong aftershocks.
Toyota Motor Corp., the world largest manufacturer, has lost 1.5% in Tokyo, leading Nikkei 225 Stock average of the Japan to its biggest decline in three weeks. Tohoku Electric Power Co. fell to 2.6% after power was cut in some areas following the 6.6. magnitude earthquake hit yesterday in the Japan. BHP Billiton Ltd., the world largest mining company, dropped 1.4% after decrease of crude oil and the price of copper. "After the earthquake of yesterday, investors are likely to ask if there is more to come," said Fumiyuki Nakanishi, a strategist at based in Tokyo SMBC friend Securities Co. ""Who is likely to weigh on sentiment."The MSCI Asia Pacific Index declined to 1.1%, the most since March 15, from 10: 45 am in Tokyo 135.05. About seven stocks fell for each which has increased in the index. The gauge has increased for three consecutive weeks, as Japanese companies resumed production after the earthquake of last month, and as an improvement in the US economy strengthened optimism the global recovery can be maintained.Nikkei 225 Stock average of the Japan fell by 1.6%, the most since March 23. As well as the temblor 6.6 yesterday, an earthquake of magnitude-6. 3 beaten Chiba, Prefecture East of Tokyo, this morning, according to Japanese weather Agency.S & P/ASX 200 Index the Australia decreased by 0.7% and New Zealand of NZX 50 index was little changed. Index of the Korea of southern ABN remote 0.8%. Hong Kong Hang Seng index sank 1.1 percent, the biggest drop since March 17.U.S. FuturesFutures on the Standard & Poor 500 Index loses 0.3 per cent today. Yesterday in New York the S & P 500 dropped 0.3%, after the oil has dropped from a maximum of 30 months as the Monetary Fund International cut its growth forecasts for the global economy.In Tokyo, Toyota fell by 1.1% to 3,225 yen, the third greatest single drag on the MSCI index of Asia Pacific. Honda Motor Co., manufacturer of no. 2 of the Japan by the market value, declined 1.3% to 2,864 yen. Sony Corp., the Japan of the consumer electronics world exporter, withdrew 2.8 per cent to 2,505 yen. In Sydney, James Hardie Industries SE, the largest seller of siding home in the United States, fell by 1.7% to a $ 5.79. In Seoul, Samsung Electronics Co., which receives 20 per cent of its income of America, lost 0.6 percent to 889,000 won.IMF ForecastsThe U.S. economy will expand 2.8% this year, slowing down 2.9% last year and less than a growth rate of 3% for 2011 forecast in January, the IMF said. The Washington-based Fund also cut its estimate of growth of Japan to 1.4 per cent of 1.6% in the previous forecast after the earthquake and tsunami of the nation.The MSCI Asia Pacific Index lost 0.9% this year through yesterday, compared to earnings of 5.3% by the & S P 500 and 1.9 per cent by the Stoxx 600 Index of Europe. In the Asian benchmark stocks are valued at 13.2 times considers an average of the earnings, compared to 13.6 times for the & S P 500 and 11.3 times for Stoxx 600.-With the help of Akiko Ikeda in Tokyo. Editors: Nick Gentle, John McCluskey.
To contact the reporter on this story: Anna Kitanaka in Tokyo at the akitanaka@bloomberg.net; Toshiro Hasegawa in Tokyo at the thasegawa6@bloomberg.net.
To contact the responsible editor of the story: Nick Gentle at ngentle2@bloomberg.net.
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