Tokyo: Asian stocks fluctuated as the dollar weakened to a seven-week low against the yen, damping the outlook for Japanese export earnings. Commodity companies rose, driving the MSCI Asia Pacific Index to a fourth straight gain.
Toyota Motor, a Japanese carmaker that counts North America as its biggest overseas market, declined 0.9 per cent in Tokyo. Nintendo, a Japanese maker of video-game machines, dropped 2.4 per cent.
BHP Billiton, the world's biggest mining company, increased 0.9 per cent in Sydney. Newcrest Mining, Australia's largest gold producer, climbed 0.5 per cent.
"The yen's appreciation will hang over the market," said Mitsushige Akino, who oversees about $450 million (Dh1,652 million) in Tokyo at Ichiyoshi Investment Management.
"I don't think people are rushing to sell stocks to lock in profits, because there are strong expectations that stocks will rise next year."
Weathering the crisis
The MSCI Asia Pacific Index rose 0.3 per cent to 137.36 in Tokyo, with about five stocks declining for every four that advanced.
The gauge has climbed 14 per cent this year and is on course for its highest level since June 2008 on speculation that growth in corporate profits will weather Europe's debt crisis, Chinese steps to curb inflation and concern about the pace of the US economic rebound.
Japan's Nikkei 225 Stock Average lost 1.1 per cent, the most this month.
South Korea's Kospi Index climbed 0.4 per cent, and Hong Kong's Hang Seng Index rose 0.1 per cent. Australia's S and P/ASX 200 Index and China's Shanghai Composite Index both gained 0.3 per cent.
China's index has fallen 16 per cent this year, the biggest decline among benchmark equity gauges for the world's 15 largest stock markets.
Among the steepest gains worldwide in 2010, key indexes have risen 46 per cent in Indonesia, 41 per cent in Thailand and 38 per cent in the Philippines.
Yesterday was the year's last trading day in Japan, Indonesia, Malaysia, the Philippines, South Korea and Thailand. Markets close early today in Hong Kong, Australia and Singapore.
Tokyo, Sydney and Shanghai markets will also be closed on January 3.
Futures on the US Standard and Poor's 500 Index climbed 0.1 per cent. The index gained 0.1 per cent, led by energy companies as crude oil remained above $90 a barrel for a fifth straight day.
