AFP/Tokyo
Asian markets rose yesterday, with Tokyo rebounding from the previous day’s losses as dealers welcomed the Bank of Japan’s latest stimulus push. Trade was thin, with Wall Street closed for a second day as superstorm Sandy hit New York. Investors were also awaiting the release of key data, including on Chinese manufacturing and US jobs. Tokyo rose 0.98%, or 86.31 points, to 8,928.29, Sydney gained 0.70%, or 31.3 points, to close at 4,517.0 and Seoul was 0.66% higher, adding 12.48 points to 1,912.06. Hong Kong rose 1.00%, or 213.24 points, to 21,641.82, while Shanghai closed up 0.32%, or 6.53 points, at 2,068.88. In other markets; Singapore closed flat, dipping 0.36 points to 3,038.37; Taipei fell 0.23%, or 16.54 points, to 7,166.05; Manila ended flat, easing 2.16 points to 5,424.51; Wellington closed 0.42% higher, adding 16.59 points to 3,957.88; Jakarta closed 0.33%, or 14.31 points, lower at 4,350.29; Bangkok gained 0.34%, or 4.44 points, to 1,298.87; while, Kuala Lumpur eased 0.10%, or 1.60 points, to 1,673.07. Just before the Nikkei closed on Tuesday the BoJ said it would extend its monetary easing scheme by ¥11tn ($138bn) - following a ¥10tn injection last month—as it tries to bolster growth. It also said it would provide “unlimited” loans to commercial banks in a bid to spur their lending to businesses and households, while issuing a rare joint statement with the government vowing efforts to stem deflation. The market’s initial reaction to the news, which came with a reduced economic growth forecast for the fiscal year by the BoJ, saw shares decline by the end of the day Tuesday. However, Hideyuki Ishiguro, supervisor at the investment strategy department at Okasan Securities, said yesterday: “The joint statement by the BoJ and the government was key, as was the new lending facility. An expansion of ¥10tn or more two months in a row suggests the bank’s easing stance has been strengthening.” Eyes are now on today’s release of China’s manufacturing activity data, with analysts increasingly optimistic the world’s number two economy has seen the worst of a slowdown that stretches back to last year. And Washington will unveil its last set of non-farm payrolls figures for the US economy tomorrow, following last month’s much improved result, which also lifted hopes for future growth. There is “some optimism before China’s manufacturing and US non-farm payrolls data this week”, said Angus Gluskie, managing director at White Funds Management in Australia. “People are starting to think economic conditions globally are starting to improve,” he told Dow Jones Newswires. Eurozone fears were soothed slightly by comments from Greek Prime Minister Antonis Samaras, who said the country had reached agreement with international creditors on unlocking its latest batch of bailout cash to avoid bankruptcy.