By Chikako Mogi

TOKYO, Feb 14 (Reuters) - Asian shares steadied as investors

awaited the G20 meeting of finance and central bank officials

over the weekend for clues to their views about global growth

and the role currencies play in the economies of individual

member countries.

The MSCI's broadest index of Asia-Pacific shares outside

Japan steadied, after rising 0.8 percent the day

before.

Australian shares inched up 0.1 percent in cautious

trade as investors awaited results from blue chip miner Rio

Tinto, which could determine whether the market will continue

its bull run after closing on Wednesday above 5,000 for the

first time since the Lehman Brothers collapse in 2008.

South Korean shares opened 0.1 percent higher after

hitting a three-week closing high and logging their biggest

daily percentage gain since Jan. 2 on Wednesday as investors

cheered a pause in the yen's decline.

'The break in the yen's recent weakness is expected to

support the main board, as currency issues are expected to be

further discussed at the G20 finance ministers' meeting,' said

Park Sung-hoon, an analyst at Woori Investment & Securities, of

Seoul shares.

The Nikkei stock average opened up 0.2 percent after

slumping 1 percent the day before when the firming yen prompted

investors to take profits on exporters.

Central banks in South Korea and Japan announce policy

decisions later in the session, with no change expected from

either bank.

Markets in China and Taiwan remain shut for the Lunar New

Year holiday but Hong Kong resumes trading on Thursday.

The dollar was down 0.2 percent to 93.15 yen after

marking its highest level since May 2010 of 94.465 on Monday.

The euro fell 0.3 percent to 125.22 yen, well below

its peak since April 2010 of 127.71 yen touched last week.

The yen lost nearly 20 percent against the dollar between

November and early February, and more than 20 percent against

the euro.

The yen began its steady fall in mid-November as

expectations built for a new government to take aggressive steps

to bring Japan out of years of slump. Prime Minister Shinzo Abe

is pushing for strong reflationary steps, pressuring the BOJ to

take unprecedented expansionary measures.

The yen's rapid depreciation, after years of sharp

appreciation, has drawn some criticism from overseas, with

rhetoric heating up ahead of the G20 meeting, the latest coming

from Russia, chair of the Group of 20 nations.

Deputy Finance Minister Sergei Storchak told reporters on

Wednesday in Moscow, ahead of the G20 meeting on Friday and

Saturday, that the yen was 'definitely overvalued' and that

'there are no signs' that Japan's monetary authorities were

intervening on the foreign exchanges.

'Various interpretations this week over what the G20 may say

about Japan's policy and a weak yen trend have been used as an

excuse to adjust positions ahead of the meeting, and I expect

forex to be in ranges,' said Yuji Saito, director of foreign

exchange at Credit Agricole in Tokyo.

'Currency will be discussed but I think Russia wants the

meeting to focus on broader economic issues involving emerging

markets as it is the G20 gathering,' he said.

Traders and analysts say 90-95 yen to the dollar appeared to

be a comfortable range for now, unless upside surprises emerge

in the U.S. economy or Japan quickly implements unexpectedly

drastic reflationary policies, both of which will swing the

dollar higher above the range.

But they said any yen buyback will likely lose momentum

around 87 yen, halfway between the yen's slump from mid-November

to early February.

Data published on Thursday showed Japan's economy shrank 0.1

percent in October-December from the previous quarter, falling

for a third straight quarter.

U.S. retail sales barely rose in the month as tax increases

and higher gasoline prices restrained spending.

But sentiment in Europe improved after an Italian bond

auction drew strong demand on Wednesday despite uncertainty over

next week's elections, and euro zone factory output data

confirmed a recovery, albeit slow.

U.S. crude was up 0.1 percent to $97.12 a barrel.

(Additional reporting by Joyce Lee in Seoul; Editing by Eric

Meijer)

((chikako.mogi@thomsonreuters.com)(+813-6441-1871)(Reuters

Messaging: chikako.mogi.thomsonreuters.com@reuters.net))

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