Japanese stocks climbed for a seventh session on Friday, reaching a fresh multi-year high, as the yen fell against the U.S. dollar, while Hong Kong and Australian markets rose after trade figures kicked off China’s monthly economic data.
In Japan, the Nikkei 225 Index ballooned 315.54 points, or 2.6%, to 12,283.62, its highest level since Sept. 10, 2008
Another factor helping sentiment in Tokyo was news that Japan’s economy pulled out of its 2012 downturn earlier than expected.
The country revised up its gross-domestic-product figures for the October-to-December period to show a 0.2% increase in the quarter on annualized terms, compared with last month’s initial reading of a 0.4% contraction
In Hong Kong, the Hang Seng index leaped 320.51 points, or 1.4%, to 23,091.95
The effect of the softer yen in Tokyo was evident in technology exporters, with semiconductor firms Tokyo Electron Ltd. and Advantest Corp. up 2.7% and 4.6% respectively.
Car makers also performed well: Mazda Motor Corp. jumped 5.8% and Isuzu Motors Ltd. rose 4.9%.
The Nikkei’s 5.8% surge this week—the index’s best weekly performance since December 2011—makes the market Asia’s best performer so far in 2013, up 18.2%.
The rally in Japanese stocks, which started in the middle of November, has maintained strong momentum.
The U.S. dollar was at 95.46 yen late in Asian trading, breaching its overnight high of 95.1 yen, the dollar’s strongest level against the yen since August 2009, and adding to the 0.8% gain it made on Thursday.
The dollar’s latest surge came as investors anticipated more aggressive monetary policy from the Bank of Japan. The central bank left its policy unchanged on Thursday, the last meeting for Governor Masaaki Shirakawa.
Australian stocks, which were flat in early trading, drifted higher after the Chinese data were released. The S&P/ASX 200 ended up 0.3% at 5123.40, with miners pushing higher: Rio Tinto Ltd. added 1.8% and BHP Billiton gained 0.8%.
CHINA
China’s monthly economic data were in focus on Friday. Over the weekend, China will deliver reports on inflation, industrial output and retail sales.
The Shanghai CSI 300 Composite 300 index fell 12.55 points, or 0.5%, to 2,606.93, as domestic investors remained cautious ahead of inflation data out over the weekend.
The data are important because they give investors a chance to view the pace of recovery in Asia’s largest economy, though the numbers for February could be seasonally influenced by the month the Lunar New Year fell in this year.
First up was trade data, with China saying on Friday that in February, the country recorded a $15.3-billion U.S. trade surplus, compared with an expected deficit of $16 billion U.S. A 15.2% on-year decline in imports overshot forecasts for a 10% drop, while exports jumped 21.8%, beating expectations for a 5% increase.
In other markets
In Korea, the Kospi Index poked up 1.61 points, or 0.1%, to 2,006.01
In Taiwan, the Taiex Index prospered 54.63 points, or 0.7%, to 8,015.14
The Singapore Straits Times Index subtracted 9.01 points, or 0.3%, to 3,289.53
In New Zealand, the NZX 50 index tacked on 20.55 points, or 0.5%, to 4,354.03
In Australia, the S&P/ASX added 14.24 points, or 0.3%, to 5,123.44
