Asian stock markets ended broadly higher Wednesday, with the Australian market finishing at its highest level in almost four-and-a-half years, although Japanese shares were hit by a strengthened yen.
In Japan, the Nikkei 225 Index fell off 117.71 points, or 1%, to 11,251.41
Hong Kong, Taiwanese and mainland Chinese markets were closed for the Lunar New Year holiday.
Corporate earnings helped the Australian market to gain on Wednesday, as shares of banking giant Commonwealth Bank of Australia rose to a record 67.38 Australian dollars ($69.41 U.S.) early in the session, before settling back to A$67.11 for a 2.4% advance.
The gains came after the bank reported a 6% increase in adjusted profit — with the figure exceeding analysts’ expectations — and raised its interim dividend.
Other Australian companies updating investors on earnings included engineering firm Leighton Holdings Ltd. , which surged 11.2% after reporting a return to profit in 2012.
Meanwhile, earnings reports also moved some shares in Japan, with Pioneer Corp. falling 10.7% after saying it plans to cut jobs and now expects to post a full-fiscal-year loss.
Shares of Olympus Corp. dropped 2.7% after the technology firm posted a narrower quarterly loss, but trimmed its own full-year forecast due to weak camera sales.
Electric utility Tokyo Electric Power Co. fell 8.5% after announcing late Tuesday that it will open up bidding to build fossil-fired power plants. Rival Kansai Electric Power Co. dropped 4.2%.
Uncertainty over currency moves worked to depress share prices for some forex-sensitive firms in Japan after the yen moved higher overnight.
An official from the Group of 20 major economies signaled fellow members of the bloc weren’t endorsing Tokyo’s weak-yen policies, as previously believed.
Sony Corp. lost 5.6%, Panasonic Corp. fell 3.4%, Mitsubishi Motors Corp. declined 1.8% and Mazda Motor Corp. dropped 2.8%.
At the same time, South Korean exporters — which can benefit if Japanese rivals lose competitiveness from a rising yen — booked some gains.
Kia Motors Corp. rose 3.9%, and affiliate Hyundai Motor Co. advanced 2.4% in the auto sector.
Technology heavyweight and Apple Inc. competitor Samsung Electronics Co. rose 1.3%, while chip maker SK Hynix Inc improved by 2%.
In other markets
Korea’s Kospi Index recovered 30.28 points, or 0.9%, to 1,976.07
The Singapore Straits Times Index gained 30.74 points, or 0.9%, to 3,301.04
In New Zealand, the NZX 50 index eked up 3.27 points, or 0.1%, to 4,221.40
In Australia, the S&P/ASX 200 gained 44.67 points, or 0.9%, to 5,003.66
