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Asia Stock Markets Fall Ahead Of Fed Meeting

Since late last year, the Fed has been buying $85 billion in Treasury and mortgage bonds a month in a move that has kept long-term rates near record lows and supported economic recovery.

Among individual stocks, Korean Air Lines Co. fell 6.5 percent while Australia-based uranium miner Paladin Energy Ltd. sank 10.1 percent.

Japanese vehicle makers were among the hardest hit stocks of the day. Mitsubishi Motors Corp. plunged 9.9 percent. Isuzu Motors Ltd. dropped 8 percent.

Global stocks mostly dropped Friday on concerns that a brusque overhaul of China's industry could slow down the world's second-largest economy. Beijing has ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars. The industry ministry ordered more than 1,400 companies to cut excess capacity and even some companies to close outright.

In energy trading, benchmark crude was down 52 cents to $104.18 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 79 cents to close at $104.70 Friday in New York.

The dollar fell to 97.93 yen from 98.32 yen late Friday. The euro rose to $1.3284 from $1.3270.


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Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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