Asian Stocks Fluctuate as Financial Shares Drop; Toyota Gains

Jan. 20 (Bloomberg) -- Asian stocks fluctuated as declines among financial companies overshadowed gains by mining companies and Japanese exporters.

China Construction Bank Corp. sank 2 percent in Hong Kong after Chinese regulators asked some banks to limit lending. Nomura Holdings Inc. fell 2.8 percent in Tokyo after Credit Suisse Group lowered its rating on the brokerage sector. BHP Billiton Ltd. added 0.5 percent in Sydney after saying second- quarter iron-ore production rose to a record. Toyota Motor Corp., which gets 31 percent of revenue from North America, rose 0.9 percent in Tokyo after the yen weakened against the dollar.

The MSCI Asia Pacific Index lost 0.2 percent to 125.08 at 11:23 a.m. in Tokyo, after rising 0.5 percent earlier. The measure has advanced 50 percent in the past 12 months as growth in China helped the global economy emerge from the worst slowdown since World War II.

“China is a critical factor in the recovery process,” said Stephen Halmarick, Sydney-based head of investment-markets research at Colonial First State Global Asset Management, which holds about $135 billion. “China’s tightening policy is telling us that growth is quite strong. If they can get more balance in their growth, that’s a positive thing.”

Japan’s Nikkei 225 Stock Average gained 0.5 percent. Toyota Tsusho Corp., an affiliate of Toyota’s, surged 8 percent after agreeing on a venture with mineral explorer Orocobre Ltd. Australia’s S&P/ASX 200 Index rose 0.3 percent.

Hong Kong’s Hang Seng Index lost 1.1 percent. Shanghai’s government said a Caijing magazine report that the city may allow individuals to invest abroad is “pure fabrication.” The report drove the Hang Seng Index up by 1 percent yesterday.