* Asian shares inch up as investors await U.S. jobs data
* Nikkei hits 15-month high on weaker yen
* Concerns about c.bank policy tightening weigh on oil,
gold
By Kevin Yao
SINGAPORE, Jan 8 (Reuters) - Japanese stocks hit a 15-month
high on Friday as the yen eased against the dollar, leading
Asian shares higher, while gold and oil prices fell amid
lingering concerns over possible central bank policy tightening
in China.
The MSCI index of Asia Pacific stocks outside Japan rose
inched up 0.2 percent <.MIAPJ0000PUS> but were still off
17-month highs hit earlier this week.
A similar Thomson Reuters index <.TRXFLDAXPU> rose nearly
0.7 percent.
Japan's Nikkei average rose 0.8 percent, with exporters
such as Honda Motor Co <7267.T> buoyed by the yen's weakness,
while memory chip-related stocks climbed on growing global
demand for high-tech products.
"Shares of exporters will likely continue to fare well for
a while, helped by the weakening yen," said Kenichi Hirano,
operating officer at Tachibana Securities.
U.S. shares edged higher overnight on optimism about the
economy, though traders were cautious ahead of the non-farm
payroll data later in the day. The latest Reuters poll
suggested the U.S. economy stopped shedding jobs in December.
[]
The dollar hit a fourth-month high against the yen <JPY=>
on Thursday on growing expectations for an upbeat U.S. jobs
report, but it later gave up gains after new Japanese Finance
Minister Naoto Kan said markets should decide exchange rates.
[]
Kan said on Thursday he wanted the yen to weaken to help
the country's exporters, raising the possibility of
intervention by Japanese authorities and sparking a sell-off in
the currency.
The dollar edged up 0.1 percent to 77.977 against a basket
of six major currencies <.DXY> <=USD>.
The U.S. dollar also got help from U.S. regulators urging
banks to protect themselves against hikes in interest rates,
supporting views that the Federal Reserves will start raising
interest rates this year. []
Chinese shares <> fell 0.9 percent, extending
Thursday's near 2 percent drop after a surprise move by China's
central bank to raise the interest rate on its three-month
bills.
The move sparked fears that policymakers were getting ready
to use more forceful measures to cool growth and fight
inflation, and also prompted a sell-off in commodities as
traders feared policy tightening would curb China's appetite
for resources from metals to crude oil. []
Global investors are increasingly focused on when central
banks will unwind emergency growth-stimulus measures put in
place during the global financial crisis. Withdrawing them too
soon could undermine still fragile economic recoveries, while
leaving them in place too long could trigger inflation and
potentially sow the seeds of another crisis.
Central banks in South Korea, India and the Philippines
have all talked explicitly this week about exit strategies.
Shanghai copper prices fell 1 percent, following weakness
in London in the previous session on fears of China's policy
tightening. []
Spot gold <XAU=> shed 0.6 percent to $1,124.75 per ounce,
extending Thursday's losses. Prices climbed 4 percent in the
first three trading sessions of 2010 to a three-week.
Crude oil for February delivery <CLc1> was down 40 cents,
or 0.5 percent, to $82.26 a barrel, falling further from a
15-month high hit on Wednesday.
(Reporting by Kevin Yao; Editing by Kim Coghill)
