* Dlr hits 14-yr low vs yen as Tokyo says won't intervene
* Gold punches new high on dollar weakness
* Asian shares weak as investors digest mixed data
* European shares set to open lower
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.
Financial bookmakers expected European stockmarkets to open
lower while U.S. markets will be closed for the Thanksgiving
holiday.
The dollar skidded below 87 yen <JPY=> to its lowest level
since July 1995 as Japan said it was not planning to intervene
in the market. It also hit a 15-month low against a basket of
currencies <.DXY> as investors betted on prolonged weakness in
the world's reserve currency.
Gold punched a new record above $1,192.60 an ounce on
expectations more central banks would buy the precious metal to
diversify away from the dollar, which has lost more than 8
percent against major currencies this year and is heading for
its biggest yearly slide in six years.
Investors also sought out the Swiss franc <CHF=> as a safe
way to diversify, pushing the currency to an 18-month high
although analysts expected the Swiss authorities to intervene
once European markets opened.
Deputy Japanese finance minister Yoshihiko Noda told
Reuters that Tokyo was not planning to intervene in the market
to rein in the yen. [] That helped depress shares of
Japanese exporters and pushed Tokyo's Nikkei stock index
<> down 0.6 percent to a four-month low.
"This will contribute still further to the current
investors' shunning of Japan. If there were signs that the
major problems were being dealt with things might get better,
but as they are now it's pretty hard," said Noritsugu Hirakawa,
a strategist at Okasan Securities in Tokyo.
Japan is back in deflation and the steel industry
federation said the current yen rate could push Japan back into
recession and urged the authorities to rein in the currency.
[]
DISMAL START FOR MINSHENG IPO
Equity markets across Asia were subdued ahead of
Thanksgiving holiday and as investors digested mixed economic
data.
U.S. jobless claims fell to the lowest in more than a year
last week and consumer spending and home sales rose more than
expected in October but durable goods orders unexpectedly fell
last month.
The MSCI index of Asia Pacific stocks traded outside Japan
<.MIAPJ0000PUS> was down 0.7 percent and the Thomson Reuters
index of regional shares <.TRXFLDAXPU> was 1 percent lower.
Shares in China slumped more than 3 percent as banking
stocks fell on concerns about shrinking lending and possible
needs to raise capital.
That dampened the Hong Kong trading debut of China's
Minsheng Bank <1988.HK>, the country's seventh-largest lender.
The $3.9 billion issue, the world's fifth-biggest IPO so far
this year, saw Minsheng shares fall to as low as HK$8.95 from
an offer price of HK$9.08.
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.
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. []
The oil price dipped 0.8 percent but held above $77 a
barrel.
(Additional reporting by Aiko Hayashi in TOKYO and the SYDNEY
newsroom; editing by Kazunori Takada)
(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
on: <>))
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