i Develop Stocks Advisory

Asian Stocks Fall for First Time Asian stocks fell for the first time this week, led by automakers and electronics manufacturers, after the yen strengthened against the dollar and on speculation new U.S. interest rate cuts won't prevent global growth from slowing. Toyota Motor Corp. led losses in Tokyo as the yen climbed to a three-week high against the dollar, eroding the value of overseas sales. Japan's Fanuc Ltd. dropped after the nation's factory production fell at twice the pace economists predicted. Westfield Group, the world's largest shopping mall owner by market value, retreated in Sydney after U.S. reports showed weaker new home sales and durable-goods orders. ``The bigger-than-expected decline in industrial production makes the outlook even more uncertain for Japanese companies,'' said Naoki Fujiwara, chief fund manager at Tokyo-based Shinkin Asset Management Co., which manages about $5.1 billion. ``Automakers can't avoid an economic slowdown in North America, and the stronger yen may further reduce their earnings.'' The MSCI Asia Pacific Index declined 0.9 percent to 148.23 as of 10:43 a.m. in Tokyo, halting a three-day, 4.1 percent rally. The benchmark advanced 13 percent through yesterday since reaching a 14-month low on Jan. 22. Japan's Nikkei 225 Stock Average lost 1.3 percent to 13,846.58, retreating from a six-week high. Australia's benchmark S&P/ASX 200 fell 1.9 percent, the biggest decline in the region. Suncorp-Metway Ltd., the nation's No. 2 car and home insurer, slumped after profit decreased. Most U.S. stocks fell yesterday after a slump in utility and drugmaker shares overshadowed speculation Federal Reserve Chairman Ben S. Bernanke will cut interest rates. The Standard & Poor's 500 Index, which swung between gains and losses at least 25 times, ended 0.1 percent lower.