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By Bloomberg

Asian stocks fell and equity volatility across the region increased as the Swiss central bank’s unexpected scrapping of its currency cap spurred a flight to haven assets.

Chugai Pharmaceutical Co., which relies on imports from Switzerland, lost 2.5 percent in Tokyo. Financial shares were the largest contributors to losses on the regional gauge. Samsung C&T Corp. tumbled 6.3 percent in Seoul amid concern over slowing overseas orders at Korean builders. Zijin Mining Group Co. and Shandong Gold Mining Co. climbed more than 3.8 percent in Shanghai after bullion prices surged yesterday.

The MSCI Asia Pacific Index declined 0.6 percent to 137.97 as of 4:12 p.m. in Hong Kong, with the gauge set for a 0.1 percent advance this week. The Swiss National Bank surprised markets yesterday, abolishing a minimum exchange rate against the euro designed to shield the economy from the region’s sovereign-debt crisis. The franc soared as much as 41 percent in one of the biggest moves among major currencies since the collapse of the Bretton Woods system in 1971.

“The SNB caught almost everyone by surprise and it’s creating unease and anxiety in markets,” Nader Naeimi, who helps manage about $125 billion as Sydney-based head of dynamic asset allocation at AMP Capital Investors, said by phone. “The strategy is capital preservation for now, buying gold to hedge against the volatility which is going to continue.”

The precious metal jumped 2.8 percent last session in its steepest one-day climb since Dec. 1.

Topix Declines

Japan’s Topix index fell 0.9 percent, capping a third weekly drop, as the yen touched a one-month high. The equity gauge slid as much as 2.4 percent before paring losses as the currency gave up some of yesterday’s 1 percent gain. The Nikkei Stock Average Volatility Index jumped 8.4 percent.

Hong Kong’s Hang Seng Index retreated 1 percent as a gauge of price swings rose 3.4 percent. The Hang Seng China Enterprises Index of mainland firms slid 0.9 percent.

Bucking the trend, the Shanghai Composite Index rose 1.2 percent. The gauge advanced 2.8 percent this week amid optimism the central bank will cut reserve-requirement ratios after unexpectedly lowering borrowing costs in November to bolster the economy. The 10th week of gains is the longest winning streak since May 2007.

Australia’s S&P/ASX 200 Index slipped 0.6 percent and South Korea’s Kospi index retreated 1.4 percent. New Zealand’s NZX 50 Index declined 0.5 percent. India’s BSE S&P Sensex Index added 0.2 percent and Singapore’s Straits Times Index slid 1.3 percent.

Futures on the Standard & Poor’s 500 Index slipped 0.1 percent. The S&P 500 fell 0.9 percent yesterday as banks and Best Buy Co. slid after corporate earnings disappointed. After going through all of 2014 without a losing streak of more than three days, the benchmark gauge completed its second slide of five straight days.

Intel Corp., the world’s largest maker of PC chips, forecast first-quarter sales that may fall short of analysts’ estimates amid concern that consumers aren’t returning to the personal-computer market.