TOKYO: Asian shares stepped back on Friday while investors poured funds into safe-haven assets amid festering concerns about a UK referendum that could push Britain out of the European Union. "There are concerns over 'Brexit' as polls seem to suggest the probability of Britain leaving Europe is rising," said Tatsushi Maeno, managing director at PineBridge Investments. It last stood at 1.685 per cent.The U.S. bonds were also helped by expectations that the Federal Reserve will refrain from raising interest rates next week or at the July meeting following a surprisingly weak U.S. employment report last Friday. "Investors who had been waiting for a Fed rate hike gave up on waiting and started buying," said Tomoaki Shishido, fixed income analyst at Nomura Securities.The spectre of low interest rates and fear of " Brexit " lifted gold to a three-week high of $1,271.70 per ounce.In the currency market, the Swiss franc gained 1.6 per cent over the past five days, its biggest five-day gain since March 2015, hitting a eight-week high of 1.0886 franc per euro . MSCI 's broadest index of Asia-Pacific shares outside Japan dipped 0.2 per cent while Japan's Nikkei declined0.4 per cent.Wall Street shares also pulled back on Thursday after three days of gains, with the S&P 500 losing 0.17 per cent to finish at 2,115.48, still only about 15 points below its record closing high.Global bond yields dropped to new lows and perceived safe-haven currencies gained as investors sought shelter in the safety of bonds on concerns about Britain's referendum on European Union membership on June 23.

Source: Economic Times June 10, 2016 01:18 UTC