Tokyo stocks climbed to a seven-year high Tuesday, bringing gains to 7.7% since the Bank of Japan’s surprise decision Friday to expand easing measures, with a stronger dollar powering buying.
The Nikkei 225 reopened for a business big time, with a gain of 448.71 points, or 2.7%, to 16,862.47. The average is up 3.5% for the year and trading at its highest level since October 2007. The market was closed Monday for a national holiday.
In Hong Kong, the Hang Seng index dipped 70.31 points, or 0.3%, to 23,845.66.
The U.S. dollar was at ¥113.66 late in Asia, well up from ¥109.22 Thursday, before the Bank of Japan’s move.
Japanese exporters were among the big gainers on the Nikkei. Fuji Heavy Industries Ltd. was up 9.6%, Sony Corp. rose 9.0% and Panasonic Corp. was up 4.0%.
HSBC was down 0.5% in Hong Kong after it released weaker-than-expected earnings for the third quarter late Monday. The bank is the biggest component stock on the Hang Seng Index.
In Korea, the Kospi fell as Korean exporters such as auto and electronics goods makers declined on worries that rivals in Japan will have a pricing edge in global markets. The index is down 3.8% this year and is the worst performing among major indexes in the region.
Hyundai Motor Co. lost 3.5% and Kia Motors was down 0.6%, after the companies agreed to pay a combined fine of $100 million U.S. and forfeit regulatory credits valued at $200 million U.S. to settle charges they overstated the fuel economy of vehicles sold in the U.S.
In other markets;
Shanghai’s CSI 300 index inched up 0.62 points, or 0.2%, to 2,513.17
Singapore’s Straits Times Index settled 9.27 points, or 0.3%, to 3,281.57
The Taiex index in Taiwan fell 15.68 points, or 0.2%, to 8,989.18
Korea’s Kospi index moved lower 17.78 points, or 0.9%, to 1,935.19
New Zealand’s Exchange 50 added 5.04 points, or 0.1%, to 5,423.26
Australia’s S&P/ASX 200 gained 13.04 points, or 0.2%, to 5,519.92
