HONG KONG (AFP) - The US dollar hovered around eight-month lows against the yen in Asian trade Wednesday while most regional stocks fell as concerns about the strength of the US recovery hit sentiment. With the dollar so weak there were concerns that the greenback, which was also down against the euro and British pound, could tumble further if the US Federal Reserve announces additional economy-boosting measures. In Tokyo the dollar fell to 85.39 yen, its lowest since November, before picking up slightly to 85.62, while the euro was at 1.3216 dollars, a touch down from 1.3225 dollars in New York late Tuesday. The pound was at 1.5931 dollars, compared with 1.5944 in New York. The greenbacks weakness against the yen hit Japanese exporters especially. Tokyos Nikkei index ended down 2.11 percent, or 204.67 points, at 9,489.34. Sydney was 0.65pc off, shedding 29.5 points to end at 4,542.1, while Seoul closed 1.34 points lower at 1,789.26. However, late bargain hunting helped Hong Kong finish 0.43 percent, or 92.22 points, higher at 21,549.88. Concerns intensified after the United States on Tuesday released a host of downbeat data on consumer spending, factory orders and pending home sales. The Dow slid 0.36 percent as a result. People may continue to worry about the rising yen as weak US economic data is fuelling concerns that the Fed may ease monetary policy, potentially denting the dollar further, Naoki Fujiwara at Shinkin Asset Management told Dow Jones Newswires. RBC Capital Markets said in a note: The Fed is unlikely to dive deep into the (quantitative easing) pool in the near term, but it seems as though the US economy needs to soon show that further QE is not required, which basically means there has to be some snappy job gains soon. At present, data continues to line up with an economy losing steam amid horribly tepid job gains. And Credit Suisse said in a note: Pressure to sell the dollar has intensified amid speculation that the FOMC (Federal Reserve Open-Market Committee) could move for additional monetary easing. It seems that the Bank of Japan would also need to take some sort of measures to curb the yens strength. However, Finance Minister Yoshihiko Noda Tuesday suggested the government might be reluctant to intervene in currency markets. The US announced Tuesday that consumer spending, a key driver of growth that accounts for almost two-thirds of output, had fallen almost 0.1 percent in June, compared to a near 0.1 percent rise in May. Factory orders also slumped in June for a second consecutive month, the Commerce Department said. Adding to the bearish news was a report by the National Association of Realtors showing the number of contracts signed to purchase existing homes had unexpectedly fallen to its lowest in nine years. Eyes will now be on Fridays release of jobs data, with analysts predicting a downbeat figure will weigh heavily on sentiment. In Tokyo trading, the strong yen sent exporters down, with Nikon and Sony each losing three percent and appliance maker Tokyo Electron down 4.95 percent. Automakers also suffered after reporting weak US sales. Toyota fell 1.59 percent and Honda lost 2.22 percent. Gold prices were lifted by the weakening dollar and following an announcement from Beijing that it was further freeing up the bullion market by allowing more commercial banks to import and export the precious metal. Liberalising the market will help improve the competitiveness of financial markets and help expand investment channels to meet domestic investor needs, the Peoples Bank of China said Tuesday. Gold prices opened in Hong Kong at 1,191.00-1,192.00 US dollars an ounce, up from Tuesdays close of 1,182.50-1,183.50 dollars. Gold miners lifted Chinese stocks, with the Shanghai composite index adding 0.44 percent, or 11.52 points, to close at 2,638.52. Oil prices fell but remained above 82 dollars as traders took profits from recent strong rallies, analysts said. New Yorks main contract, light sweet crude for delivery in September, was down 37 cents at 82.18 dollars a barrel in the afternoon after breaking past the 82-dollar mark late Tuesday. The contract had earned more than five dollars, or seven percent, in the last four sessions. Brent North Sea crude for September delivery shed 22 cents to 82.46 dollars.