Asian stocks fell, paring the biggest weekly rally since December 2011, as the yen strengthened and a buildup in oil supplies dragged crude prices and energy producers lower.
The MSCI Asia Pacific Index declined 0.5 percent to 119.70 as of 9:07 a.m. in Tokyo. The gauge rose 6.5 percent over four days going into the final trading day of this week after sinking to a 3 1/2-year low last week amid concern about the growth outlook for the world’s largest economies and the rout in oil.
Even after this week’s gains, the MSCI Asia Pacific Index remains 9.2 percent lower this year. Since the start of January, a combination of tumbling oil prices, concern about the slowdown in Asia’s largest economy and a selloff in bank stocks sent a measure of global stocks into a bear market for the first time in five years.