The Nikkei Stock Average hit its highest closing mark in nearly six years Thursday, as another surge in the dollar encouraged hopes for better profits ahead for Japan.
In Tokyo, the Nikkei 225 index rebounded in a big way, gaining 277.49 points, or 1.8%, to 15,727.12
Hong Kong’s Hang Seng Index deducted 17.26 points, or 0.1% to 23,789.09
The release of encouraging overnight U.S. economic data, including surprisingly good weekly jobs figures, were key to the dollar’s ascent through the 102-yen mark — its highest level since Japan stocks’ prior peak in May.
A stronger dollar benefits exporters by making their goods cheaper to buy overseas while fattening profits converted back into yen. The Japanese currency has lost about 3% against the dollar in the last two weeks.
As of the close of TSE trading it was changing hands at around ¥102.08, well up from Wednesday’s corresponding level ¥101.53.
Hong Kong stocks faded, after a round of upbeat economic data spurred investors to push the S&P 500 and the Dow industrials to record-high closings. Financial and property issues were among advancing sectors, with Bank of China Ltd. up 1.1%, and Cheung Kong Holdings Ltd. bouncing higher by 2.3%.
Australian firms boosted investment by 3.6% in the third quarter compared with the second, defying market expectations of a 1.2% fall, government figures showed Thursday. Companies are expected to cut investment in the fiscal year ending June 30 by 2% from a corresponding estimate the previous year, according to the statistic bureau survey.
In other markets;
Shanghai’s CSI 300 index grew 25.05 points, or 1%, to 2,439.53
Korea’s Kospi Index added 16.96 points, or 0.8%, to 2,045.72
Taiwan’s Taiex Index moved forward 66.55 points, or 0.8%, to 8,362.43
The Singapore Straits Times Index improved 14.31 points, or 0.5%, to 3,186.37
In New Zealand, the NZX 50 picked up 10.11 points, or 0.2%, to 4,809.46
In Australia, the S&P/ASX 200 inched up 1.46 points to 5,334.34
