Asian markets closed mostly higher on Thursday, led by a strong performance in Japanese stocks after U.S. markets restored some stability to a region rocked by volatility.
In Japan, the Nikkei 225 index restored 86.99 points, or 0.5%, to 18,182.39, helped by a weaker yen throughout most of the session.
Markets in Shanghai and Hong Kong are shuttered for holiday.
Still, some question the sustainability of the rebound amid entrenched concerns about a Chinese economic deceleration that has clouded the outlook for Asian economies, markets and currencies.
The next key indicator for many investors is the release of a more comprehensive U.S. jobs report which is expected Friday. The report, an important measure of the health of the U.S. economy, may provide vital clues about whether the U.S. Federal Reserve will raise interest rates in September, as many investors have long expected.
Until recently, traders widely expected the Fed to raise rates at its September meeting. Weak inflation and low wage growth in the U.S., however, have undermined the case for a rate rise, and now the central bank has to consider a global stocks selloff that began in mid-August, triggered by China’s move to let the yuan weaken and concerns about the health of its economy.
The U.S. dollar which has risen over the past several months against most Asian currencies in anticipation of a September rate increase, traded mixed on Thursday.
In other markets
In Korea, the Kospi index inched up 0.31 points to 1,915.53
In Singapore, the Straits Times Index regained 28.30 points, or 1%, to 2,906.43
In Taiwan, the Taiex index gained 60.66 points, or 0.8%, to 8,095.95
The NZX 50 slipped 20.53 points, or 0.4%, to 5,569.68
The ASX 200 Index dropped 73.66 points, or 1.4%, to 5,027.80
