Asian stocks mostly higher as yen tumbles; Nikkei up 1.94%
Published Apr 21, 2013 10:49PM ET
Updated Apr 21, 2013 11:00PM ET
In Asian trading Monday, Japan’s Nikkei 225 surged 1.94% as the yen fell against all of its major rivals. USD/JPY was found flirting with all-important 100 level after Japan’s Finance Minister Taro Aso said that the Bank of Japan’s unprecedented easing program is aimed at achieving price stability and economic recovery and was in line with the G-20’s February agreement.
The statement eased concerns that Japan would face criticism after it announced earlier this month that it plans to double the size of its asset purchase program over the next two years.
Japanese exporters such as automakers, auto parts suppliers and electronics manufacturers rallied, helped by the weaker yen, to lead Japanese shares higher.
Hong Kong’s Hang Seng inched up 0.02%, but the Shanghai Composite fell 0.20% after an earthquake over the weekend killed at least 186 people in China’s Sichuan province. Insurance providers were among the laggards on news of the earthquake.
Australia’s S&P/ASX 200 added 0.40% despite news of a looming budget shortfall in that country. Over the weekend, Australian Federal Treasurer Wayne Swan said the government there has taken a AUD7.5 billion revenue hit since October.
New Zealand’s NZSE 50 rose 0.70% as traders renewed risk appetite following a dour performance by global equities last week.
South Korea’s Kospi nudged higher by 0.14%. Last week, Franklin Templeton’s Mark Mobius, a noted emerging markets investor, said that despite a weaker yen, South Korean equities are attractively valued. Amid threats from North Korea and the falling yen, South Korean stocks have been Asian laggards this year.
Singapore’s Straits Times Index inched up 0.01%. S&P 500 futures rose 0.42%. The benchmark U.S. index is coming off its worst week of 2013, having lost 2.1%. Last week was also the worst week since November 2012 for the S&P 500.
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Written By: Investing.com
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