Asian stock markets rose Wednesday, with Japan leading the region higher as the yen hit its weakest level since January.
Japan’s Nikkei 225 recovered 154.33 points, or 1%, to 14,946.32, with the U.S. dollar adding a total of 0.4% against the Japanese currency on Tuesday. The yen continued to weaken on Wednesday, closing in on the ¥104 to the dollar mark. The dollar was last at ¥103.84, compared with ¥103.66 late Tuesday in New York.
Also in Japan, a newly launched Bank of Japan price survey showed that domestic firms expect inflation of 1.5% in the coming year, a sign that the country’s long-term deflationary pressure could be receding.
The Hang Seng Index in Hong Kong gained 75.40 points, or 0.3%, to 22,523.94. China Overseas Land & Investment Ltd. added 3.2% and China Resources Land rose 4.6%.
In corporate news, Renesas Electronics jumped 6.5% in Tokyo after a Nikkei report said that Apple is in talks with the Japanese electronics firm to take over one of its units — Renesas SP Drivers, which designs chips for smartphone displays.
In Sydney, shares in Goodman Fielder sank 20.2% after the maker of breads and spreads issued a profit warning amid tougher competition and higher prices for New Zealand milk.
In currency markets, the Australian dollar declined after data showed that building approvals fell 5% in February, overshooting expectations of a 1% drop. The currency fell as low as $0.9222 U.S. from $0.9248 U.S., and was last trading at $0.9239.
CHINA
Shares in Chinese developers rallied after the state-run Shanghai Securities News reported that officials in Hangzhou and Changsha are considering ways to loosen restrictions on property purchases.
The Shanghai Shenzhen CSI 300 took on 17.61 points, or 0.8%, to 2,192.78
Greenland Hong Kong Holdings, which is developing a project in Hangzhou, jumped 8%.
In other markets;
In Taiwan, the Taiex added 32.30 points, or 0.4%, to 8,905.45
Singapore’s Straits Times Index dipped 5.74 points, or 0.2%, to 3,192.78
Korea’s Kospi Index inched up 5.27 points, or 0.3%, to 1,997.25
The New Zealand Exchange 50 index gave back 6.21 points, or 0.1%, to 5,116.31
In Australia, the S&P/ASX 200 was 14.13 points, or 0.3%, in the green to 5,403.30
