Asian stocks mixed amid Fed’s caution over US economic recovery

Asian stocks mixed after cautious Fed statement

TOKYO — Asian stock markets were mixed Thursday after the Federal Reserve struck a note of caution in its latest assessment of the economy.

The U.S. central bank’s statement, which accompanied a decision to leave interest rates at a record low, added to unease after weak housing figures suggested recovery in the world’s No. 1 economy is uneven.

The Fed said that “financial conditions have become less supportive of economic growth.” The Fed cited what it called “developments abroad” but didn’t mention Europe by name.

Oil prices, meanwhile, fell to near $76 a barrel. The dollar was little changed against the yen and fell versus the euro.

Japan’s benchmark Nikkei 225 stock index edged up 16.67 points, or 0.2 percent, to 9,940.37 and South Korea’s Kospi gained 0.3 percent to 1,730.45.

Australia’s S&P/ASX 200 was up 0.2 percent at 4,494.20 amid news Australian Prime Minister Kevin Rudd had been dumped as leader by the ruling party and replaced with his deputy.

Elsewhere, Hong Kong’s Hang Seng fell 0.2 percent to 20,812.06 and the Shanghai Composite Index declined 0.3 percent to 2,561.72. Stocks in Singapore and Malaysia were down slightly while Taiwan gained.

In New York overnight, the Dow Jones industrial average climbed just 4.92 points, or 0.1 percent, to 10,298.44 Wednesday.

In currencies, the dollar inched up to 89.94 yen from 89.93 in New York late Wednesday. The euro climbed to $1.2336 from $1.2316.

Benchmark crude for August delivery was down 6 cents at $76.29 a barrel in electronic trading on the New York Mercantile Exchange.