Asian markets rose Monday, as Japanese stocks capped the best year since 1972 with more gains.
Japan’s Nikkei 225 index advanced 112.37 points, or 0.7%, to 16,291.31, ending the year 57% higher than it started, making Japan by far the best-performing market in Asia — outpacing the region’s developing markets, which have recorded either losses or only tepid gains in 2013.
Hong Kong’s Hang Seng Index edged up 1.63 points to 23,244.87
A weaker Japanese currency has helped to propel stock prices higher, boosting profits in Japan’s export-oriented corporate sector. Policies that have spurred yen weakness are part of Prime Minister Shinzo Abe’s plan to revive the country’s long-stagnant economy.
In recent weeks, the yen has regained its downward momentum versus the American dollar, in line with the U.S. Federal Reserve’s decision to begin winding back its bond-buying program and expectations of further stimulus from the Bank of Japan.
The yen was trading at ¥105.35 per dollar on Monday, compared with ¥105.16 late Friday in New York.
Monday is the last full day of trading for many of Asia’s markets. On Tuesday, Australia, Hong Kong and Singapore will be among the markets that will trade for just half a day.
CHINA
Shanghai’s CSI 300 index dipped 4.02 points, or 0.2%, to 2,299.46, or 7.6% lower so far this year, making it the region’s worst-performing market.
China’s official purchasing managers’ index will come out Wednesday, while in the U.S., Thursday’s ISM manufacturing report will provide a checkup on the health of manufacturing in the world’s largest economy.
China’s PMI will fall to 51.2 in December from 51.4 in November, according to the median forecast of eight economists surveyed by The Wall Street Journal.
In other markets;
Korea’s Kospi Index added 9.06 points, or 0.5%, to 2,011.34
Taiwan’s Taiex Index moved higher 88.39 points, or 1%, to 8,623.43
The Singapore Straits Times Index gathered 3.53 points, or 0.1%, to 3,153.29
In New Zealand, the NZX 50 inched up 1.62 points to 4,768.98
In Australia, the S&P/ASX 200 gained 32.74 points, or 0.6%, to 5,356.80
