Asian shares drop on U.S. budget standoff

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Source: Bloomberg
© scanpix/reuters
Asian equities outside Japan dropped touching the lowest level in two months on concern the so-called fiscal cliff in the U.S. might restrain global growth. Meanwhile, Japanese shares advanced amid changes in the nation's leadership that would result in improving economy. The MSCI Asia Paific Ex-Japan index tumbled 0.9% to 434.64, while the Hang Seng index also eased 0.9%. Chinese Shanghai Composite fell 0.3% after Xi Jinping took Hu Jintao's position. The Nikkei 225 Stock Average surged 1.8 % on weakening yen.
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