Asia stocks fall on grim earnings

Asian stocks fell yesterday, with forecasts of corporate earnings slashed as the global economy rapidly deteriorates, steering investors toward the yen and US dollar, which hit a two-month high against the euro.

From the auto industry to technology firms, companies are lowering their outlooks because of the worsening environment for business and consumer spending.

Hitachi Ltd plunged 17 percent after it warned of a record annual loss due to weak sales, a firmer yen and costs to restructure its sprawling operations. The $7.8 billion loss would be the biggest ever full-year loss for a Japanese manufacturer.