The rally in Asian stocks stalled Wednesday even after U.S. stocks rose for a third day. The yen strengthened as the dollar resumed its decline.
The MSCI Asia Pacific Index was little changed, with Australian and Korean shares ticking higher as Japanese shares slipped. Earlier, the S&P 500 Index closed at a record high as the strong start to earnings continued, with 82 percent firms that have reported topping estimates. The 10-year Treasury yield steadied after a second session of declines, while the Bloomberg Dollar Spot Index dropped to a three-year low. The yen strengthened as investors digested a rise in exports in December.
The MSCI Asia Pacific Index declined 0.1 percent as of 9:16 a.m. Tokyo time. Japan’s Topix index sank 0.3 percent.
Kospi index climbed 0.1 percent, touching the highest in two months. Australia’s S&P/ASX 200 Index advanced 0.1 percent to the highest in more than a week.
The Bloomberg Dollar Spot Index fell 0.1 percent to the lowest in about three years. The Japanese yen gained 0.1 percent to 110.17 per dollar, the strongest in more than 19 weeks. The euro increased 0.1 percent to $1.2312, near a three-year high.