Asian markets moved higher on Wednesday as China posted slightly better-than-expected growth data. Japan also helped lead the region higher after Tokyo picked up from a recent spate of heavy selling.
Japan’s Nikkei 225 ballooned 420.87 points, or 3%, to 14,417.68, as the yen weakened through the ¥102-to-the-U.S.-dollar mark.
The moves follow Bank of Japan Governor Haruhiko Kuroda’s comment that the Japanese economy is on a steady track toward 2% inflation--a key target of Prime Minister Shinzo Abe’s plan to reawaken the stagnant Japanese economy.
The Hang Seng Index in Hong Kong recovered 24.75 points, or 0.1%, to 22,696.01
Also supporting the Nikkei was index heavyweight SoftBank Corp., which added 8.2%, after Alibaba reported that fourth-quarter profits more than doubled to more than $1.3 billion U.S. SoftBank owns a 37% stake in the Chinese e-commerce giant.
The American dollar was last at ¥102.23, up a touch from ¥101.96 late Tuesday in New York.
Japanese stocks are bouncing back from sharp falls in recent sessions, with the Nikkei experiencing its worst week in three years last week, as doubts over Abe’s economic program coupled with a stronger yen punished the market.
CHINA
The Shanghai CSI 300 inched up 3.06 points, or 0.1%, to 2,232.53.
Data showed that Asia’s largest economy grew by 7.4% in the January to March period compared with a year earlier, a touch higher than expectations of 7.3%.
Market reaction was muted, as the figure is below the official 7.5% expansion target, and slower than the 7.7% increase in the final quarter of last year.
China also released data showing its industrial output in March gained 8.8% on-year, compared with an expected 9%.
In other markets;
Taiwan’s Taiex Index gained 7.11 points, or 0.1%, to 8.923.82
Singapore’s Straits Times Index moved higher 6.88 points, or 0.2%, to 3,253.20
Korea’s Kospi Index faded 0.06 points to 1,992.21
The New Zealand Exchange 50 index picked up 14.27 points, or 0.3%, to 5,090.55
In Australia, the S&P/ASX 200 gained 32.16 points, or 0.6%, to 5,420.32
