Japanese stocks outperformed Asian markets for the second straight session Tuesday as the yen weakened to its lowest level in seven weeks against the U.S. dollar, while a fall in business confidence in Australia weighed on Sydney.
In Tokyo, the Nikkei 225 index zoomed higher by 318.84 points, or 2,2%, to 14,588.68, the result of a weaker yen that was brought about by a stronger-than expected labor report from the U.S. at the end of last week.
Weakness in the local currency remained a driver for Japanese stocks on Tuesday, as the dollar continued to edge closer to the ¥100 mark — last at ¥99.56 to the dollar, compared with ¥99.16 late Monday.
Hong Kong’s Hang Seng Index plummeted 168.44 points, or 0.7%, to 22,901.41
Australian markets gained as National Australia Bank’s monthly business survey showed that confidence slumped in the country last month — going to a score of +5 points in October from +12 a month earlier.
The Australian dollar was also impacted by the data, with the currency last trading at 93.34 U.S. cents compared with 93.62 U.S. cents late Monday in New York.
Dentsu Corp. rose 3.1% in Tokyo, after the Japanese advertising company revised its group net profit forecast for fiscal year 2013 by 73% to ¥33.1 billion from a previous forecast of ¥19.1 billion, due to strong domestic advertising sales.
Huishang Bank Corp. rose 0.9% in its debut trading in Hong Kong after raising $1.2 billion in an initial public offering earlier this month.
CHINA
Shanghai’s CSI 300 index gained 24.11 points, or 1%, to 2,340
In China, the region was cautious as investors waited for the outcome of China’s Third Plenum — a major political meeting that is expected to result in the new government producing a policy blueprint for the next decade. The meeting started on Saturday and was expected to finish Tuesday.
In other markets;
Korea’s Kospi Index regained 18.18 points, or 0.9%, to 1,995.48
Taiwan’s Taiex Index reacquired 12.70 points, or 0.2%, to 8,195.26
The Singapore Straits Times Index dropped off 6.47 points, or 0.2%, to 3,195.26
In New Zealand, the NZX 50 fell back 6.50 points, or 0.1%, to 4,915.67
In Australia, the S&P/ASX 200 picked up 5.95 points, or 0.1%, to 5,393.09
