* Gold hits new record as dlr slides to 14-yr low vs yen
* Asian shares weak as investors digest mixed data
* Yen firm as government says not planning to intervene
By Susan Fenton
HONG KONG, Nov 26 (Reuters) - The dollar slumped to a
14-year low against the yen on Thursday, helping gold scale
another record high, while Asian stocks faltered as investors
digested a mixed batch of economic data.
Gold punched above $1,192.60 an ounce on expectations more
central banks will buy the precious metal. Its strength was
also a reflection of expected prolonged weakness in the dollar,
which has already lost more than 8 percent against major
currencies this year and is heading for its biggest yearly
slide in six years.
On Thursday the dollar slumped to a 14-year low against the
yen <JPY=> below 87 yen, as deputy Japanese finance minister
Yoshihiko Noda told Reuters that Tokyo was not planning to
intervene in the market [], and hit a 15-month low
against a basket of major currencies <.DXY>.
The yen's strength continued to put pressure on shares of
Japanese exporters. Japan's Nikkei <> share index was flat
but hit a four-month low in early trade and analysts said
sentiment remained weak after the government said last week
that the economy was back in deflation.
"The Japanese market is also experiencing the double whammy
of a strong yen and the government's deflation declaration,"
said Fumiyuki Nakanishi, manager at SMBC Friend Securities in
Tokyo.
"Deflation could ultimately lead to a downward revision in
earnings forecasts as lower prices put a lid on corporate sales
and dampen profitability."
PHILIPPINE GDP DISAPPOINTS
Equity markets across Asia were subdued as U.S. markets
will be closed for the Thanksgiving holiday and as investors
digested mixed economic data.
Encouraging U.S. jobless claims and home sales data
supported the Dow Jones <>, which edged up 0.3 percent on
Wednesday, but trading volumes were the lightest this year
ahead of the holiday, and there was disappointment too as U.S.
durable goods orders unexpectedly fell last month.
The MSCI index of Asia Pacific stocks traded outside Japan
<.MIAPJ0000PUS> was down 0.2 percent while the Thomson Reuters
index of regional shares <.TRXFLDAXPU> was 0.6 percent lower.
In South Korea, an index of manufacturers' business
sentiment on Thursday fell for a second month []
while the Philippines reported weaker than expected
third-quarter gross domestic product figures.
Friday marks the start of the U.S. Christmas holiday
shopping season and will provide a key indicator of demand for
Asian exports in the final months of the year.
Asia-Pacific stock markets outside Japan have already
rallied nearly 70 percent this year, making investors cautious
as the year-end nears. However, analysts say the region still
looks a good bet compared with other parts of the world as
Western consumer demand remains fragile.
The Middle East has also lost some of its shine with Dubai
on Wednesday reporting that two of its flagship firms planned
to delay repayment on billions of dollars of debt
[].
The Australian dollar <AUD=> held firm as a rate rise still
looked to be on the cards next week after data showed a sharp
upgrade in Australian business spending plans even though
investment unexpectedly slipped last quarter. []
"For the Reserve Bank (of Australia), rates at these
levels are too low and we anticipate a move upwards in December
of 25 basis points," said Andrew Hanlan, senior economist at
Westpac in Australia.
Australian shares were steady, outperforming most other
markets, including Hong Kong where the Hang Seng Index <>
was down 1 percent and China's Minsheng Bank <1988.HK> fell
below its initial public offering price on its trading debut.
The $3.9 billion issue by China's seventh-largest lender,
the world's fifth-biggest IPO so far this year, came amid
weakening appetite for Chinese banks due to fears they will
need more capital. Minsheng fell to as low as HK$8.95 from its
offer price of HK$9.08.
In Vietnam, the dong currency was quoted near its new low
point against the dollar after the central bank devalued the
currency by more than 5 percent on Wednesday and narrowed its
trading band. []
(Additional reporting by Aiko Hayashi in TOKYO and the SYDNEY
newsroom; editing by Tomasz Janowski)
(susan.fenton@thomsonreuters.com; +852 2843 6367; Reuters
Messaging: susan.fenton.thomsonreuters.com@reuters.net)
((For the state of play of Asian stock markets please click
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