Asian shares were mixed today, with Japan resisting the largely downward trend, as Hong Kong retreated from gains during the past two sessions.
The Nikkei 225 of Japan advanced 0.5% to 15069.48 as the stock gauge recovered from a 0.9% loss a session earlier. Tokyo stocks soared on prospects that Japan’s $1.26 trillion public pension fund will say it will increase investments in stock and foreign-bond in early autumn. According to the Wall Street Journal, the fund targets injections into the local stock market to increase to 17% from the current 12%, a policy that would see more money enter the market.
Other markets in Asia swung between break-even and a little lower level. Although the Dow Jones Industrial Average closed at a record on Tuesday, the gain was not sufficient to provide motivation for Asian markets.
Earlier in the Week, impressive economic data from China buoyed regional markets, with shipment and inflation news backing the perception that the world’s second-largest economy is gaining stability.
Kospi of South Korea gained 0.1% to 2014.67 after index authority MSCI Inc announced late Tuesday that it would strike the country off the list of economies being considered for inclusion in its gauge for developed markets. The stocks had soared 1.1% in the previous session.
S&P/ASX 200 declined 0.3% to 5454.00. Straight Times index of Singapore plunged 0.3%.
As Sky News reports, investors are now tracking the Bank of Japan’s monetary policy meeting that takes place ends in Friday. They will be keen to hear whether or not the central bank will announce plans for new stimulus measures for the economy.
Taipei was little changed, edging higher 7.43 points to 9,229.8.
Taiwan Semiconductor Manufacturer Co. surged 0.4%. Smartphone maker HTC lost 2.41%. Telecom was flat at $NZ2.685 while Fletcher Building shed 1.3% to $NZ9.12. Manila jumped 0.46% or 31.20 points.
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