Shares in the Asia-Pacific rose Monday on improved risk sentiment.
The Nikkei 225 gained 327.36 points, or 1.2%, to 28,542.11. Travel stocks in Japan rose on reports that border measures may be eased further.
Although the dollar-yen is approaching levels that have warranted action from Japanese officials in the past, Piron said that we’re not “quite yet at that point.”
Japan Airlines rose 2.25%, Ana Holdings added 2.6%. Travel agencies HIS added 2.9% and AirTrip rose 8.3%.
The reports added Japan also plans to remove its daily limit on overseas arrivals soon.
Economists at the New Zealand Institute for Economic Research downgraded the growth outlook for the country, citing continued high inflation and interest rates.
They now expect the annual gross domestic product for 2022-2023 to grow 2.5%, lower than its previous forecast of 2.9%.
GDP for 2023-2024 is now expected to grow 1%, a steep downgrade from its earlier prediction of a 1.9% increase published in June, while the 2024-2025 forecast was revised to 1.5% from 2.1%.
In other markets
Markets in Hong Kong, Shanghai and Korea were shuttered Monday for holiday.
In Singapore, the Straits Times Index added 11.77 points, or 0.4%, to 3,274.72.
In Australia, the ASX 200 advanced 70.29 points, or 1%, to 6,964.46.
In New Zealand, the NZX hiked 55.45points, or 0.5%, to 11,813.22.
