2013.06.0706:25:57UTC+00Asian stocks fall on caution over U.S. jobs data

Most Asian markets decline Friday on caution ahead of the U.S. nonfarm payrolls data, while Japanese stocks dropped for a third straight day as exporters came under pressure from the yen’s sharp gains overnight.

Stock movers

Exporters in Japan took a hit from fears over the impact on their earnings from a strengthened local currency.

Toyota Motor Corp. lost 2.8%, Mazda Motor Corp. shed 2.6%, Toshiba Corp. retreated 3.4%.

In Sydney, the drop came amid worries over the local economy. The S&P/ASX ended the day nearly 10% lower from the 52-week high it set last month.

“There is a sense that Australia could move into recession in early 2014, as the response to the 200 basis-point rate cuts over the last 18 months has seen almost no change in the habits of the Australian consumer,” said IG Markets strategist Evan Lucas.

Shares of Newcrest Mining Ltd. plunged 7.6% after the miner said it expected to write down up to 6 billion Australian dollars ($5.7 billion) due to previous weakness for the metal. The drop came despite an increase in gold futures overnight.

Airline stocks suffered, however, after the Australian Financial Review reported that Air New Zealand Ltd. was seeking permission to further raise its stake in Virgin Australia to 26 %, sparking takeover speculation.

Virgin Australia Holdings Ltd. retreated 4.5%, while larger rival Qantas Airways Ltd. dropped 2.7%. But in Wellington trade, Air New Zealand climbed 2%.

In Hong Kong, heavyweight HSBC Holdings PLC dropped 1.5% to weigh on the broader market.