ASIA MARKETS: Asia Stocks Decline On Profit-taking, Data

By Daniel Inman

Japanese stocks stalled on Wednesday after two sessions of substantial gains while Australia shares and its currency were weighed by worse-than-expected wage data.

The U.S. provided Asia with a negative lead as investors digested conflicting comments from two Federal Reserve presidents over when the central bank may move to start reducing its bond buying. This led several Asian markets to put on the brakes after gains on Tuesday.

 
   Australia's S&P ASX 200   fell 0.6% and South Korea's Kospi   lost 0.5%. 
 

Japan's Nikkei as flat after a 3.6% gain over the past two sessions -- the market's largest two-day rise since early September. The move higher in stocks was encouraged by a weakening of the yen which started to fall at the end of last week after a strong U.S. October labor report gave the dollar some upward momentum.

After weakening towards the Yen100 to the dollar mark in the past couple of days the yen (USDJPY) stabilized early Wednesday and was last at Yen99.62.

Salary data weighed on Australia after local wages, excluding bonuses, rose by a seasonally adjusted 0.5% in the quarter that ended in September -- lower than a 0.7% consensus. The Australian dollar dipped as low as 92.83 U.S. cents compared with 92.98 U.S. late in New York and was last at 92.96 U.S. cents.

The regional earnings season continues. In Tokyo, Sumitomo Mitsui Financial Group (SMFJY) rose 1.6% after the bank revised higher its guidance with the lender increasing its full-year net profit forecast to Yen750 billion from Yen580 billion.

Also in Japan, Isuzu Motors (ISUZY) rose 0.5% after the motor-vehicle maker cut its full-year sales guidance for fiscal year 2013 by Yen100 billion, though it kept its operating profit forecast of Yen180 billion unchanged.

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