Asian stock markets moved higher Friday, with Japan’s Nikkei Average rising above 15,000 points for the first time since May on the back of a weaker yen, while shares in Shanghai rallied on hopes that China will release reform plans for state-run companies
In Tokyo, the Nikkei 225 index leaped 298.51 points, or 2%, to close out the week at 15,165.92, extending its gain since last Friday to 7.7% — its best weekly performance so far this year.
Hong Kong’s Hang Seng Index zoomed 383 points, or 1.7%, to 23,032.15
A weaker yen continued to support Japanese stocks, as the dollar breached the ¥100 mark overnight for the first time in two months and moved higher in Asia. The greenback was trading at ¥100.21, compared with ¥100.01 late Thursday in New York.
Friday’s gains are a fitting way to mark the first anniversary of Japan’s dramatic stock rally. The market shot higher on Nov. 15 last year after then-opposition-leader Shinzo Abe called for aggressive monetary easing to help the lackluster economy, starting a rally that has pushed Japanese stocks up 75%.
The Japanese currency weakened against the greenback after Federal Reserve Vice Chairwoman Janet Yellen said there are dangers to ending the central bank’s $85 billion-U.S. a-month bond-buying program too early.
The market interpreted her remarks, made in a hearing on her nomination to lead the Fed, as a sign that she would not make significant changes to monetary policy when she took over the central bank.
Friday’s gains are a fitting way to mark the first anniversary of Japan’s dramatic stock rally. The market shot higher on Nov. 15 last year after then-opposition-leader Shinzo Abe called for aggressive monetary easing to help the lackluster economy, starting a rally that has pushed Japanese stocks up 75%.
Also in Japan, Mitsubishi UFJ Financial Group and Mizuho Financial Group rose 2% and 1.9%, respectively, after the banks raised their full-year profit guidance for the 2013 fiscal year.
CHINA
Shanghai’s CSI 300 index added 46.23 points, or 2%, to 2,350.73, on speculation that Beijing will release a plan to revamp the country’s state sector.
Yang Weimin, deputy director at the Office of the Central Leading Group on Finance and Economic Affairs, told the People’s Daily that China’s leaders had approved a 20,000-word document at the Third Plenum about reforms involving 15 sectors.
In other markets;
Korea’s Kospi Index moved ahead 38.08 points, or 1.9%, to 2,005.64
Taiwan’s Taiex Index grew 42.21 points, or 0.5%, to 8,177.12
The Singapore Straits Times Index was better by 10.19 points, or 0.3%, to 3,201.27
In New Zealand, the NZX 50 dipped 13.11 points, or 0.3%, to 4,914.07
In Australia, the S&P/ASX 200 progressed 46.24 points, or 0.9%, to 5,401.67
