Asian Stocks Decline as Subprime Losses Widen, Yen Strengthens

Asian stocks tumbled, sending a regional index to its biggest drop in three months, on speculation HSBC Holdings Plc and other banks will report increased losses related to U.S. subprime mortgages. Japan's Nintendo Co., which gets... See more » Asian stocks tumbled, sending a regional index to its biggest drop in three months, on speculation HSBC Holdings Plc and other banks will report increased losses related to U.S. subprime mortgages. Japan's Nintendo Co., which gets two-thirds of sales abroad, led declines among exporters after the dollar slumped against the yen. PetroChina Co. and Woodside Petroleum Ltd. fell after the price of crude oil dropped. Morgan Stanley cut its rating on HSBC on concern the lender will face more U.S. loan defaults. See less »

``Investors have to reevaluate what shares are worth as the U.S. starts pulling down economies globally,'' said Takashi Kamiya, who helps oversee $16 billion at T&D Asset Management Co. in Tokyo. ``The continued weakness of the...