2013.04.0401:43:38UTC+00Asia stocks collapse, with Japan weak on ascending yen

Asian markets were on a decline in Thursday tracking a negative lead from Wall Street, with a rising yen stabbing the Japanese market ahead of the Bank of Japan’s meeting conclusion.

Investors took a cue from Wednesday’s declines in the U.S. following lower-than-forecasted readings on the U.S. non-manufacturing sector and private-sector jobs progress.

Focus was on the Bank of Japan’s policy meeting outcome due later Thursday. Assumptions for new easing actions are high, as it will be the first assembly under new Gov. Haruhiko Kuroda, who is dedicated to pushing the bank’s 2% inflation goal.

All 10 economists surveyed by Dow Jones expect the BOJ to develop its asset purchases, with some betting it will surge the amount by ¥15 trillion-¥20 trillion ($160 billion-$215 billion) a year and start purchasing Japanese government bonds with maturities longer than three years, the current limit.

Seven of those surveyed say the central bank will finalize to make its asset-buying program “open-ended” from this month or next, rather than waiting for next January as scheduled. Two expect the introduction of a fresh easing goal in addition to its current inflation and asset-buying targets.

“In the absence of open-ended, multi-asset-class purchases to bring consumer price inflation to 2.0% within two years, there is a more than reasonable chance that the board may well disappoint,” David Scutt, Treasury dealer at Arab Bank, wrote in a note to clients.

Japan’s Nikkei Stock Average underperformed its regional counterparts, declining 1.7% amid a empowering yen. Major exporters were lesser: Canon gave up 4.3%, Nintendo moved back 2.6%, and Toyota Motor decline 1.4%.

In Sydney, the S&P/ASX 200 surrendered 0.8%. Resources plays weighed on the Australian market amid commodity price weakness including a diminish in copper to an eight-month low overnight. BHP Billiton  backslides 1.3%, Newcrest Mining relinquished 4.2% and Rio Tinto traded 1% lower.

In foreign-exchange markets, the yen was on a better state versus  the euro and the U.S. dollar, as investors priced-in worries that the Bank of Japan’s policy outcome could underwhelm market participants.

The greenback exchanged at ¥92.95 against ¥93.05 late Wednesday in New York, while the euro was at ¥119.39, down from ¥119.51.

“Our baseline view remains that risks on [the dollar’s rate against the yen] this month are skewed to the downside, given sky-high expectations,” Westpac’s Sean Callow wrote in a note.

Investors were also focused on the European Central Bank’s policy decision due later Thursday, as well as Friday’s U.S. jobs data for trading cues.

South Korea’s Kospi Composite gave up 1.6% amid continued concerns over North Korea’s escalating military threats, while Singapore’s Straits Times Index  was off track 0.2%.

Markets in mainland China, Hong Kong and Taiwan were shut for holidays.