Asia Pacific Surges as Australia Slashes Cash Rate

Major markets in Asia Pacific closed higher on Tuesday, while Australia’s central bank cut its cash rate to a new record low.

The Nikkei 225 regained 129.4 points, or 0.6%, to 21,885.24, with shares of index heavyweight and conglomerate Softbank Group jumping 1.8%.

Shares of Apple suppliers in Asia were mixed in afternoon trade, despite the Cupertino-based tech giant’s stock jumping 2.4% overnight on the back of a price-target increase by an analyst at J.P. Morgan.

In Japan, Taiyo Yuden advanced $% and Murata Manufacturing gained 2.5%. Japan Display, on the other hand, plunged 5%.

The Bank of Japan’s Tankan survey for the third quarter was released on Tuesday, where the big manufacturers index worsened for its third straight quarter and touched its lowest level since June 2013.

Meanwhile, a twice-delayed increase in the sales tax in Japan — from 8% to 10% — took effect Tuesday, a move that has for some time sparked concern among retailers, restaurants and other businesses in the country.

The Japanese yen last traded at 108.28 per U.S. dollar after weakening from levels below 108.0 in the previous session.

Korean indices were on the move as shares of Celltrion surged 5.8%. LG Display traded 0.7% lower, while Taiwan Semiconductor Manufacturing Company shares in Taipei got a boost as they surged 3.1%.

Australian indexes were stronger as a majority of the sectors rose.

The Reserve Bank of Australia on Tuesday slashed its cash rate by a quarter point to a new record low of 0.75%.

Following that decision, the Australian dollar changed hands at $0.6705 after touching an earlier high of $0.6775.

Markets in Hong Kong and mainland China were shuttered for holiday.

In other markets

Markets in Taiwan went back to work after a long weekend, gaining 137.97 points, or 1.3%, to 10,967.65

In Korea, the Kospi index gained 9.37 points, or 0.5%, to 2,072.42

In Singapore, the Straits Times Index revived 26.04 points, or 0.8%, to 3,146.03

In New Zealand, the NZX 50 hiked 71.37 points, or 0.7%, to 10,996.99

In Australia, the ASX 200 recovered 54.5 points, or 0.8%, to 6,742.85