Asian Shares Mostly Slip Amid Fears of Fed Tapering


Asian stocks mostly dropped, with a stronger yen weighing on Japanese shares.

The yen hit a six-week high against the US dollar.

The Bank of Japan also starts its two-day policy meeting on Wednesday, sidelining some investors.

Some Federal Reserve members have recently begun to suggest again that the Fed could being tapering its bond-buying program sooner rather than later. That also has dampened sentiment for stocks, in general. Federal Reserve Bank of Chicago President Charles Evans, who has been among the strongest proponents of the record monetary accommodation in the U.S., said on Tuesday that he "would clearly not rule" out a decision to begin curbing the purchases in September.

Atlanta Fed President Dennis Lockhart told Market News International that should economic growth and job creation pick up as expected, the Fed should proceed with the "removal" of its asset purchases.

In ADR news, Tata Motors ( TTM ) said June quarter profit fell to 17.26 billion rupees ($283 million) from 22.45 billion a rupees a year earlier. The average of estimates in a poll of eight analysts was 23.73 billion rupees. Sales rose 8.3% to 467.51 billion rupees from 431.71 billion rupees.

The Nikkei ended down 4% at 13,824.94, the Hang Seng down 1.53% at 21,588.84 and the Straits Times up 0.16% at 3,229.91.

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This article appears in: Investing , Commodities

Referenced Stocks: TTM

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