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International Finance: Asian equities drop; yen declines on BOJ report: markets wrap

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Stocks in Asia dropped as an unexpectedly strong US jobs report raised the prospects of more rate hikes from the Federal Reserve, while concern over US-China geopolitical tensions also weighed on sentiment.

The dollar climbed on Monday after a gauge of its strength rose more than 1% on Friday, when figures showed a surge in payrolls and unemployment at a 53-year low. This points to persistent US inflation and bolsters the case for more rate increases. South Korean stocks and contracts for US equities also declined.

US stocks halted a three-day advance on Friday in a volatile session that saw equities swerve between modest gains and losses as investors contended with the labor data.

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