Japan’s stocks rose strongly on Wednesday, following strong exports data, outperforming other Asian markets ahead of the conclusion of a much-watched U.S. Federal Reserve policy meeting.
In Tokyo, the Nikkei 225 index popped 309.12 points, or 2%, to 15,587.80
Hong Kong’s Hang Seng Index regained 74.59 points, or 0.3%, to 23,143.62
Japanese exports rose 18.4% from a year earlier in November, overshooting expectations for a 17.3% rise. That marked the ninth consecutive month of increase, as manufacturers benefited from a weaker yen brought about by Prime Minister Shinzo Abe’s pro-growth strategies.
A recovery in exports is important for the country’s economy ahead of a planned sales-tax increase in April.
In addition, the dollar moved higher against the yen on speculation that Abe may make a growth-strategy announcement in a speech on Thursday.
The yen weakened and traded at ¥102.96 late in Asia, compared with ¥102.67 late Tuesday in New York, helping to support the gain in the Nikkei Average
In Tokyo, Sony underperformed the broader market and was up just 0.3% after a Nikkei report said the company is considering investing an additional ¥30 billion ($292.2 million U.S.) in a semiconductor facility that it intends to buy from Renesas Electronics Corp. Renesas shares ended up 2.3%.
Fed policy makers in the States started to debate the future of the central bank’s stimulus measures overnight, in a meeting that is slated to end with a decision later Wednesday.
Regional markets have drifted downward in recent sessions ahead of this much-anticipated meeting, as investors speculated over the fate of the central bank’s $85 billion-U.S.-a-month bond-buying plan — a measure that has buoyed stock markets this year.
Strong economic data from the U.S., especially numbers relating to employment, have led some to believe that the Fed could start to roll back its easy-money policies this month, though many hold the opinion that the central bank will wait until next year.
In Hong Kong, Kunlun Energy Co. fell 3% after the firm said on Tuesday that a top executive had stepped down as chairman due to "personal matters." Wen Qingshan was named head of the company in August after his predecessor, Li Hualin, became the subject of an investigation by Chinese authorities for "severe disciplinary violations."
In other markets;
Shanghai’s CSI 300 index nicked up 0.85 points to 2,357.23
Korea’s Kospi Index inched up 8.89 points, or 0.5%, to 1,974.63
Taiwan’s Taiex Index slid 3.89 points, or 0.1%, to 8,349.04
The Singapore Straits Times Index lost 5.79 points, or 0.2%, to 3,061.78
In New Zealand, the NZX 50 dropped 52.14 points, or 1.1%, to 4,675.88
In Australia, the S&P/ASX 200 dipped 7.09 points, or 0.1%, to 5,096.10
