Asia shares edge lower on rate hike worries, yen frail

Asian stocks dipped on Friday as strong U.S. economic data increased expectations of higher interest rates, and concerns grew over the weakening yen prompting possible intervention by Japanese authorities. The MSCI’s Asia-Pacific index outside Japan fell 0.21%, while the Nikkei dropped nearly 1%. China’s manufacturing activity also contracted for a third consecutive month in June. The data painted a picture of a resilient U.S. economy, leading to expectations of further interest rate hikes by the Federal Reserve.