Nikkei Drives Asia Higher as Yen Extends Slide
The risk-on sentiment across the Asian markets intensified this
Thursday, after a strong close on the Wall Street overnight and higher
base metals’ prices. While unexpected easing by Singapore’s central bank
also provided fresh impetus to the markets.
Nikkei hits 9-day high as Yen trades at weekly lows
The
Japanese stocks extended the rally and remained on track for its
longest advance in a year on the back of renewed weakness witnessed in
the yen against the greenback, which helps underpin exports-oriented
stocks. The Japanese benchmark index, the Nikkei 225 jumps nearly 3% to
fresh nine-day highs of 16,861 points. Meanwhile, USD/JPY is seen
consolidating the upside around 109.40, recording a 0.08% gain on the
day.
The Australian markets found support from stronger domestic
jobs data, with the benchmark S&P/ASX 200 index advancing +1.12% to
trade at 5,111 points. The banking and commodity sector stocks were the
major gainers on the index as copper held near two-week highs.
While
the Chinese equities are seen defending mild gains, despite a weaker
yuan fix today, as caution prevails ahead of a host of Chinese economic
data due tomorrow, including the GDP figures. The benchmark Shanghai
Composite index trades modestly flat. The CSI300 index rises +0.10%,
while Hong Kong’s Hang Seng rallies +1.10% higher around 21,389 levels.
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