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Asian stocks dropped, with the regional
benchmark index retreating from a five-year high. Japan's Topix
Index erased gains as the yen strengthened, dimming the outlook for
the nation's exporters. Australia's S&P/ASX 200 Index slid 0.3
percent even after a report showed the nation's unemployment rate
fell in April as companies hired more workers than analysts
estimated. New Zealand's NZX 50 Index was little changed. China's
Shanghai Composite Index slipped 1 percent. The country's consumer
prices rose 2.4 percent last month from a year earlier, while
producer prices fell 2.6 percent, the National Bureau of Statistics
said today in Beijing. Hong Kong's Hang Seng Index dropped 0.4
Nikkei 225 14,191.48 -94.21 -0.66%
S&P/ASX 200 5,198.4 -1.35 -0.03%
Shanghai Composite 2,231.59 -14.71 -0.65%
Canon Inc., which loses almost $80 million for every 1 yen Japan's currency gains against the dollar, fell 1.3 percent.
Bridgestone Corp., the world's biggest tire maker, sank 6.3 percent in Tokyo after keeping its full-year profit forecast below analyst estimates.
GS Engineering & Construction Corp. jumped 6.7 percent in Seoul after the Bank of Korea cut interest rates.
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