Japan Stocks Rise, Standing Out Amid Asian Markets
Asian stocks dipped as China growth slowed, but the Nikkei index rallied because of a weak yen.
Asian stocks dipped on Tuesday with latest signs of slower growth in China and the euro zone, although Japan rose to seven-year highs amid momentum generated by the Bank of Japan‘s surprise stimulus move last week.
The dollar remained near multi-year highs against the yen and euro after the Bank of Japan’s decision raised expectations the European Central Bank would eventually have to adopt quantitative easing, even if not at its meeting on Thursday.
Tokyo‘s Nikkei was up 3.4 percent around midday after hitting a fresh seven-year high, boosted by the yen’s continuing weakness. Japanese financial markets were closed on Monday for a public holiday.
The dollar edged down 0.4 percent to 113.635 yen on profit taking after touching a seven-year peak of 114.21.
“Investors who missed the initial move are positioning themselves for the next lurch higher,” said Raiko Shareef, currency strategist at Bank of New Zealand.
The euro was up 0.3 percent at $1.2517 after falling to a two-year trough of $1.2390 overnight.
Repercussions from the yen’s broad depreciation were felt in South Korea, where exporters extended losses on worries that a softer Japanese currency would erode their price competitiveness relative to their Japanese rivals. South Korean shares were down 0.9 percent.
Source: NYT-Japan Stocks Rise, Standing Out Amid Asian Markets
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