June 03, 2013- Asian Stocks Decline on Stimulus Concerns

Asian stocks fell across the board on Monday, with Japanese shares tumbling sharply to a six-week low as investors continue to fret over the prospects of the Fed reducing its stimulus. Mixed data out of China added to worries about slowing global growth, making investors cautious ahead of a slew of U.S. economic reports due this week, including the crucial jobs data on Friday. Japan's Nikkei index plunged over 500 points or 3.7 percent to 13,262, its lowest level since April 18, weighed down by the yen's strength and concerns over the Chinese economy. Heavyweights SoftBank and Fast Retailing lost 5-6 percent, exporters such as Toyota Motor, Nissan Motor and Tokyo Electron retreated 3-6 percent, brokerage Nomura Holdings declined 8.4 percent and rival Daiwa Securities dropped 11 percent. Mazda Motor slid 7.2 percent and Sharp Corp lost 10 percent. Tokyo Electric Power Company retreated 3 percent after it sought an additional $6.6 billion from a state-backed public fund to meet payout demands such as compensation to residents forced to leave their homes in the wake of the nuclear accident at its Fukushima Daiichi nuclear power plant two years ago. China's Shanghai Composite index ended little changed with a negative bias, reversing early gains, while Hong Kong's Hang Seng index shed half a percent, extending losses for the fourth day