DHAKA: Asian stocks declined, with Japanese exporters sliding as the yen strengthened after the Reserve Bank of Australia (RBA) cut interest rates to a record low.

China shares rose for the first time in six days on stimulus speculation and Australian stocks gained ground after the central bank’s surprise move.

Honda Motor Co, a carmaker that gets about 84 per cent of sales outside of Japan, slipped 2.9 percent in Tokyo. Singapore Airlines dropped 3 percent as regional carriers declined as oil futures extended their rally.

The Industrial & Commercial Bank of China, the nation’s biggest lender, climbed 1.5 percent in Hong Kong.

The MSCI Asia Pacific Index lost 0.4 percent to 139.81 as of 4.02pm in Hong Kong, erasing gains of 0.2 percent as it headed for its lowest close since January 22.

The RBA joined a global wave of monetary easing, citing lower commodity prices and an overvalued local currency pressuring Australia’s economy as justification for reducing borrowing costs, reports The Straits Times.

BDST: 1658 HRS, FEB 03, 2015