By Shinichi Saoshiro
TOKYO (Reuters) - Asian shares were under pressure on Friday morning, with Japanese stocks skidding as the yen rose against the dollar, which has struggled in recent days on the back of lower U.S. Treasury yields.
A second day of losses on Wall Street pulled MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> down 0.2 percent. The index has gained about 2.1 percent so far on the week during which Wall Street set the tone by climbing to record highs.
Tokyo's Nikkei stock average <.N225> dropped 1.5 percent, dragged lower by the yen's gains against the dollar, putting pressure on Japanese companies' export earnings. The Nikkei has shed 0.8 percent so far this week.
The dollar traded little changed at 101.53 yen, off a two-month low of 101.31 yen hit Thursday on the back of a continued decline in U.S. Treasury yields. The dollar is poised to end the week about 0.25 percent lower versus the Japanese currency.
Benchmark U.S. Treasuries yields fell to six-month lows on Thursday after Greek government bonds weakened and sparked a safety-bid for U.S. debt, even though U.S. economic data pointed
to a firming economy.
"U.S. yields may not stabilize until we have consistent improvements in U.S. data, which means that for the time being, the trend in the greenback could still be lower," Kathy Lien, managing director of FX strategy for BK Asset Management, wrote in a note to clients.
The dollar has fared better against the euro, with the common currency poised to lose about 0.3 percent on the week, weighed by expectations for the European Central Bank to ease monetary policy in June.
Weak euro zone GDP and muted inflation data further fuelled easing expectations on Thursday.
The euro traded little changed at $1.3715 after dropping to a 2-1/2 month low of $1.3648 on Thursday on ECB easing prospects.
In commodities, gold stood little changed at $1,297.20 an ounce following a fall of almost 1 percent on Thursday after a drop below the $1,300 threshold triggered technical selling. Upbeat U.S. jobless claims data and consumer prices also reduced gold's safe-haven appeal.
