The Business Times

Asian stocks mixed, Tokyo surges for second session

Published Tue, Nov 4, 2014 · 03:07 AM
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[HONG KONG] Asian markets were mixed on Tuesday following a soft lead from Wall Street, with Tokyo tacking on another huge set of gains after last week's surprise monetary easing by the Bank of Japan.

The dollar eased a touch after racing above 114 yen for the first time in seven years, while the euro edged higher after hitting two-year lows against the dollar in US trade.

Tokyo surged 4.01 per cent by the break, Hong Kong added 0.15 per cent, Shanghai shed 0.22 per cent and Seoul lost 0.10 per cent. Sydney was 0.13 per cent higher.

Japanese traders returned from a long weekend for the first time since Friday's central bank announcement that it would add up to US$176 billion to its asset-buying scheme in a bid to kick-start the economy and avert a recession. That sent the Nikkei almost five per cent higher and the yen plunging against the dollar.

On Tuesday Tokyo's markets resumed their buying spree.

"US markets' positive reaction (Friday) to the BoJ's announcement adds all the more fervour to suddenly bullish Japan stock enthusiasm," Hiroichi Nishi, general manager of equities at SMBC Nikko Securities, told Dow Jones Newswires.

The prospect of even more yen being pumped into the market sent it tumbling on Friday, and this week extended those losses.


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