Japan's demand for services gauge declined in February, as costlier energy & food left consumers with less retail money to spend. Japan's Trade Ministry said the tertiary gauge fell 1.7% from January, when it rose a revised 0.4%.

The yen fell near its lowest versus the euro this year, following the recent rally in equities. The move gave investors confidence to buy higher-yielding currencies with funds from Japan. The yen slipped to 164.39 per euro in Tokyo from 163.96 in New York & 104.02 per dollar from 103.67.

Japan will review its defense policy to expand its military staff by creating a panel to discuss policies for the next decade. The move aims to create a defense outline that will be set for cabinet's approval by end 2009. No other details were given.

China's Securities Regulatory Commission (SRC) initiated measures to limit supply of previously locked-up shares to stabilize the market. SRC said shareholders selling more than 1% of a publicly traded firm's shares within a month, must use the so-called 'block-trading' system. Originally, the shares could be sold directly to the market.

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