Stocks in Tokyo jumped to lead Asian markets higher Wednesday after the Bank of Japan boosted its asset purchase program, within a week of the U.S. Federal Reserve’s quantitative easing.
The Nikkei 225 Index leaped 108.44 points, or 1.2%, to 9,232.21, as the yen weakened in the wake of the BOJ’s decision to expand its asset purchases by 10 trillion yen (about $127 billion U.S.) to ¥80 trillion.
The Hang Seng Index in Hong Kong zoomed 239.98 points, or 1.2%, to 20,841.91
Japanese exporters were particularly strong, as the dollar rose above the 79-yen level after the BOJ’s decision.
Toyota Motor Corp. rose 1.9% and Nissan Motor Co. climbed 3.7% and Panasonic Corp. climbed 2.7% to reverse some of the losses made this week after anti-Japan protests erupted in China.
Back in Japan and Fast Retailing Co. jumped 3.3% in Tokyo. The firm’s shares fell sharply on Tuesday after it shut some of its stores due to protests in China.
Japan Airlines Co. ended modestly higher as its shares relisted in Tokyo following a $8.5-billion U.S. public offering that followed a restructuring after its bankruptcy filing and delisting two years ago. The stock ended at 3,830 yen ($48.48 U.S.), compared with its offering price of ¥3,790.
Hong Kong-listed auto makers also staged a rebound — with BYD Co. rising 2% and Dongfeng Motor Group Co. higher by 3.4%.
Commodity-related stocks also gained sharply, after the Bank of Japan move, with Aluminum Corp. of China Ltd. adding 0.6% and gold miner Zijin Mining Group Co. advancing 5.6% in Hong Kong. In Shanghai, the stocks rose 1% and 4.9%, respectively.
Australian gold miner Newcrest Mining Ltd. climbed 3.1%, Rio Tinto Ltd. advanced 1% and Fortescue Metals Group Ltd. climbed 5.4% after recent losses.
Shares of heavyweight Samsung Electronics Co. ended 0.1% lower in Seoul, underperforming the broad market after a report in Korea’s Kyunghyang Shinmun that the firm will cut its investment in the semiconductor business by half next year, due to slowing demand and declining prices.
In other markets
Shanghai’s CSI 300 index took on 11 points, or 0.5%, to 2,246.24
Korea’s Kospi index squeezed up 2.92 points, or 0.2%, to 2,007.88
The Singapore Straits Times Index improved 7.65 points, or 0.3%, to 3,075.63
Taiwan’s Taiex Index added 47.65 points, or 0.6%, to 7,781.91
New Zealand’s NZX index bucked the trend and slipped 6.58 points, or 0.2%, to 3,797.90
Australia’s ASX Index regained 23.63 points, or 0.5%, to 4,481.36
