MARKET COMMENT: Asian Summary: Stocks Fall; USD/JPY Off Lows

0540 GMT [Dow Jones] ASIAN SUMMARY: Regional markets are lower, The Nikkei falls 2.4%, the S&P/ASX declines 1.0%, the HSI is down 0.9%, the Kospi slips 0.5%, the Taiex falls 0.8%, the Sensex is 0.6% lower, the Shanghai Composite adds 0.2% and the STI is off 0.6%. In FX markets, the dollar pares some of the steep losses it posted against the yen as investors bought back the greenbacks they sold massively after risk-off trading stemming from the uncertainty surrounding the Italian election. The USD/JPY is at 91.96 from 91.83 late Friday in New York, the EUR/JPY is at 119.99 from 119.97, and EUR/USD is at 1.3048 from 1.3062. Australia's central bank has the option to cut interest rates further to help offset the impact of the strong Australian dollar, a top central bank official says; "we still obviously retain scope to lower interest rates further, should the need arise, including to counterbalance the pressures of an elevated exchange rate," Guy Debelle, assistant governor for financial markets at the Reserve Bank of Australia, or RBA, says in a speech. Singapore's industrial production fell 0.4% on-year in January vs a 5.8% median rise tipped in a Dow Jones poll. Taiwan's seasonally-adjusted jobless rate improves slightly to 4.20% in January from 4.21% in December. Philippine imports rose 13% on-year in December to $5.25 billion, the fastest since imports grew 13.8% on-year in August 2011; the country recorded a $9.67 billion trade deficit last year vs a $12.19 billion deficit in 2011. Spot gold is at $1,592.80/ oz, down 80 cents from the NY close. April Nymex crude oil futures are 78 cents lower at $92.33/bbl. (philip.vahn@ dowjones.com)

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  02-26-130055ET
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