Asian stocks rebounded Friday as eased worries about the Federal Reserve’s monetary policy and an improvement in U.S. economic data sparked relief buying across the region, with Japanese equities witnessing strong gains.
In Japan, the Nikkei 225 regained 241.14 points, or 1.9%, to 12,686.52, even as the dollar stayed under the ¥95 mark for most of the session after rising well above that level earlier in the day.
At Friday’s close, the Nikkei Average was 20.4% lower than its peak on May 23, ending for a second straight day in a so-called bear-market, although it emerged from that territory earlier in the day.
A bear market is generally defined as a price decline of 20% or more within a two-month period.
Hong Kong’s Hang Seng Index was up 82.10 points, or 0.4%, to 20,969.14
Despite the day’s gains, most regional markets suffered big losses during the week, with the Hang Seng Index losing 2.8%, the Shanghai Composite dropping 2.2%, the Kospi falling 1.8% and the Nikkei shedding 1.5%.
Australia’s S&P/ASX 200 was the only major benchmark to end higher during the week, with a gain of 1.1%.
Many Japanese exporters gained in Tokyo despite the firm yen. Shares of Mazda Motor Corp. climbed 1.7% and Casio Computer Co. added 2.5%.
The stock gains in Japan also followed minutes of the Bank of Japan’s last meeting released Friday, which showed a few members of the policy-setting board believed the current monetary-policy framework doesn’t rule out the possibility of further measures, if needed.
Also reversing some recent losses, real-estate major Mitsui Fudosan Co. jumped 3.8%, and rival Mitsubishi Estate Co. climbed 4.2%. Both stocks still looked set to end the week sharply lower.
Kawasaki Heavy Industries Ltd. climbed 4.3% after the Nikkei newspaper reported the board of directors had dismissed the company’s president and scuttled merger talks with Mitsui Engineering & Shipbuilding Co. Mitsui Engineering gave up early gains to tumble 5.5%.
Mining issues jumped in Sydney, including a 4.7% gain in Rio Tinto Ltd. and a 1.4% rise for gold producer Newcrest Mining Ltd.
High-yield-dividend banking shares moved higher as the Australian dollar strengthened. Shares of Australia & New Zealand Banking Groupbounced 3%, and Westpac Banking Corp. rose 2.7%.
Relief-buying also lifted several beleaguered shares in Seoul. Heavyweight Samsung Electronics Co. rose 0.9%, and Kia Motors Corp. added 0.9%.
In other markets;
The Shanghai Shenzhen CSI 300 took on 16.83 points, or 0.7%, to 2,416.77
Taiwan’s Taiex Index dropped 13.92 points, or 0.2%, to 7.937.74
Singapore’s Straits Times Index added on 30.74 points, or 1%, to 3,161.43
Korea’s Kospi Index gained 6.51 points, or 0.4%, to 1,889.24
In New Zealand, the Exchange 50 Gross Index strengthened 19.07 points, or 0.4%, to 4,420.98
In Australia, the S&P/ASX 200 prospered 96 points, or 2%, to 4,791.76.
