GLOBAL MARKETS-Asia stocks edge up on U.S. plan hopes

                                
 * Asian shares rise on U.S. bank plan hopes
                                
 * Nikkei turns negative, erasing initial gains
                                
 * Japan's Nomura sinks more than 13 pct on stock issue plan
                                
 * Dollar dips vs yen after hitting one-month high
 (Repeats to more subscribers, updates prices throughout)
                                
 By Elaine Lies
                                
 TOKYO, Feb 9 (Reuters) - Asian stocks rose on Monday amid
hopes that a massive U.S. stimulus package would bolster the
global economy, while the dollar retreated after hitting a
one-month high against the yen.
                                
 Hong Kong shares added 0.7 percent <.HSI>, heading for a
fourth day of gains and their longest winning streak in two
months.
                                
 But gains in equity markets were tempered by caution over
the contents of both the U.S. stimulus package and a new plan
to rescue the U.S. banking system. Japan's benchmark Nikkei
share average turned negative in the afternoon, falling 0.7
percent <.N225> on the day.
                                
 "Until the bank plan's out, nobody can really buy. There's
just too much that's unknown," said Noritsugu Hirakawa, a
strategist at Okasan Securities.
                                
 "As for how the markets will respond to the bank plan, it
really depends on whether it's something that can be carried
out or not. If it doesn't satisfy expectations, there's the
chance the market could really fall," Hirakawa said.
                                
 Banks worldwide have been laid low by huge losses on U.S.
mortgage-related debts, making them more reluctant to lend. The
scarcity of credit is choking many businesses, forcing them to
cut back production and jobs, adding to the economic gloom.
 Wall Street rallied broadly on Friday after figures showing
U.S. job losses in January were the worst in 34 years sparked
hopes that Congress will move quickly to pass the stimulus
package to help the economy. [ID:nN06435445]
                                
 But the U.S. administration pushed back the announcement of
the keenly awaited bank rescue plan until Tuesday from Monday
as it pressed lawmakers to settle their differences over the
huge stimulus plan. [ID:nN08495108]
                                
 Squabbling over the U.S. rescue plan was set to continue on
Monday, when the Democratic-led Senate votes to end debate on
an $827 billion rescue package so it can be passed on Tuesday.
                                
 U.S. President Barack Obama has demanded that the bill be
on his desk for signing into law by next Monday.
                                
 The Nikkei fell even as exporters such as Honda Motor Co
<7267.T> and Toyota Motor Corp <7203.T> rose, shrugging off
Toyota's forecast of a larger than expected loss on Friday.
Dealers said the bad news in the auto sector had been widely
expected as global economic conditions worsen. [ID:nT125619]
                                
 But shares in Nomura Holdings Inc <8604.T>, Japan's biggest
brokerage, sank 14.3 percent amid concerns that a plan to issue
up to $3.3 billion in new stock to bolster its capital would
dilute earnings. [ID:nT101889]
                                
 The MSCI index of Asia-Pacific stocks outside Japan
<.MIAPJ0000PUS> rose 0.3 percent.
                                
 CHINA HOPES
                                
 Shanghai copper rose <SCFc3> for a fifth straight session
on growing hopes that China, the world's largest consumer of
the industrial metal, could soon see a recovery in its economy.
Prices of the red metal had surged more than 8 percent on
Friday.
                                
 Stronger base metals prices bolstered shares of global
miners such as Rio Tinto Ltd/Plc <RIO.AX>, whose 5.6 percent
gain  helped lead the Australian market 1 pecent higher. [.AX]
                                
 But gold slipped as players took profits after a recent
rally, with rising expectations that the U.S. stimulus package
was likely to steer some funds away from gold as risk appetite
rises. <XAU=>.
                                
 The dollar hit a one-month high against the yen before
falling back due to selling by Japanese exporters.
                                
 There was little reaction to data showing Japan's current
account surplus fell 92.1 percent in December from a year
earlier.
                                
 The dollar fell 0.9 percent to 91.16 yen <JPY=> after
climbing to 92.42 yen earlier on trading platform EBS, its
highest since early January.
                                
 The euro dipped 0.1 percent to $1.2924 <EUR=>. <FXNEWS>
                                
 The yield on the benchmark 10-year U.S. Treasury note fell
3 basis points from late U.S. trading on Friday to 2.967
percent <US10YT=RR>. On Friday, the 10-year Treasury yield
briefly rose to 3 percent for the first time since late
November.
                                
 The benchmark 10-year Japanese government bond yield fell
1.5 basis point to 1.315 percent <JP10YTN=JBTC>.
                                
 Oil took a breather from its recent decline and steadied
around $40 a barrel as hopes that swift passage of the U.S.
stimulus package outweighed demand concerns, with U.S. crude
for March delivery <Clc1> steady at $40.17.