Japanese stocks ended at a fresh multiyear high Wednesday after the country’s central bank raised its economic outlook, even as it left other elements of the monetary policy unchanged.
Australian and Hong Kong shares reversed early gains in choppy trade amid caution ahead of U.S. Federal Reserve Chaiman Ben Bernanke’s testimony before Congress later in the day.
The Nikkei 225 shot higher 246.24 points, or 1.6%, to 15,627.26, to end at its highest level since December 2007. The benchmark extended gains after the Bank of Japan’s policy decision.
In Hong Kong, the Hang Seng Index dipped 105.29 points, or 0.5%, to 23,261.08, in a shortened session, after the morning trading session was canceled due to a rain storm in Hong Kong.
Among the major stock movers in Tokyo, shares of Canon Inc. added 2.2%, Panasonic Corp. rose 2%, and Daikin Industries Ltd. advanced 2.2%.
Japanese stocks are the best performing among the major global share markets so far in 2013, with the Nikkei Stock Average up more than 50% from last year’s closing level.
Shares of Mitsubishi Motors Corp., which had jumped more than 10% earlier on Wednesday, after leaping 34% in the previous session, reversed course as investors locked in profits. The stock ended 6.6% lower.
Sony Corp. soared 5.9%. The gains followed a similar surge for its American Depository Receipts in U.S. after-hours trading, after rival Microsoft Corp. unveiled its Xbox One gaming console.
Meanwhile, official Japanese data released earlier in the day showed the country’s trade deficit widened sharply in April, as exports grew at a slower-than-expected 3.8% from the year-ago period, while imports jumped 9.4%.
Stocks in Hong Kong suffered a drag from a 1.1% drop for HSBC Holdings PLC, as the heavyweight bank began to trade without rights to its dividend.
Shares of China Galaxy Securities Co. rose 6% on their debut, ending at 5.62 Hong Kong dollars (72 U.S. cents), compared with the initial public offering at HK$5.30.
In Sydney trading, high dividend-yielding stocks such as banks remained under pressure, although the big diversified miners advanced to provide some support in the wake of strong cues from the U.S.
Westpac Banking Corp. dropped 0.9% and National Australia Bank Ltd. fell 1.2%. In the resources sector, BHP Billiton Ltd. climbed 1.3%, and Rio Tinto Ltd. gained 1.8%.
In other markets;
In Shanghai, the CSI 300 Index moved higher 3.18 points, or 0.1%, to 2,618.03
Singapore’s Straits Times Index recovered 10.47 points, or 0.3%, to 3,454.37
In Korea, the Kospi Index surged 12.74 points, or 0.6%, to 1,993.83
Taiwan’s Taiex Index added 15.79 points, or 0.2%, to 8,398.84
The New Zealand Exchange 50 Gross Index grew 19.34 points, or 0.4%, to 4,610.18
Australia’s S&P/ASX slipped 14.69 points, or 0.3%, to 5,165.37
