“Emerging-market stocks declined the most in three weeks and currencies depreciated as the yen’s tumble to a four-year low threatens developing-nation exporters.
Samsung Electronics Co. (005930), South Korea’s biggest exporter of consumer electronics, dropped 2.6 percent in Seoul, while Hyundai Motor Co. (005380) slid the most in three weeks, after the won climbed to its highest level against the yen in more than four years. China Resources Power Holdings Co. sank 11 percent in Hong Kong after saying it will issue shares for a merger. The Philippine peso, Thailand’s baht, the Russian ruble and South Africa’s rand weakened against the dollar.
The MSCI Emerging Market Index fell 0.7 percent to 1,053.53 at 3:25 p.m. in Hong Kong, paring this week’s gain to 1.1 percent. The yen slid beyond 101 per dollar for the first time in four years, helping the nation’s exporters compete at the expense of Asian rivals. Asian currencies dropped on speculation the yen’s slide will prompt some regional policy makers to weaken their exchange rates to protect exports….”
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