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South Korea , Japan shares fall as Asian stocks decline in break from US chip rally

The MSCI Asia Pacific Index fell 0.6%, with eight of its 11 subgroups down, breaking from a chip-led Wall Street rally. South Korea's Kospi dropped more than 2% and SK Hynix hit its lowest close since April, while data centre firm Elice plunged as much as 32% in its Seoul debut. Japan's Nikkei 225 futures fell 0.8% and Topix dropped 0.9%, while the Philadelphia Semiconductor Index had gained 1.6% on Monday, snapping an eight-day losing streak. The 10-year US Treasury yield was at 5.14% after rising seven basis points on Monday. China's central bank said its overnight reverse repo rate will replace the seven-day rate as the policy benchmark, while gold slipped 0.2% to about US$4,130 an ounce.

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