Bloomberg(20/9) -- Asian stocks rose, with the regional benchmark index on course for the largest weekly advance since April, as a weaker yen boosted Japanese shares.
Volumes were below average with markets in Hong Kong, China, South Korea and Taiwan closed for holidays. Nikon Corp., a camera maker that gets 85 percent of sales outside Japan, climbed 5.3 percent. Shiseido Co. surged 5.4 percent in Tokyo as Citigroup Inc. recommended buying shares of the comestics maker. Declines among raw-material shares limited gains on the regional benchmark gauge.
The MSCI Asia Pacific Index rose 0.2 percent to 141.37 as of 9:43 a.m. in Tokyo, poised for a third straight week of gains and extending a four-month high. The measure climbed 2.9 percent this week through yesterday after the Federal Reserve unexpectedly refrained from reducing stimulus measures, saying it wants more evidence of an economic recovery before paring its $85 billion-a-month in bond purchases. A Bloomberg survey of economists had forecast a $5 billion reduction.
“The dollar will strengthen against the yen in the long run on the U.S. economic recovery, which is good for Japanese stocks,” said Juichi Wako, a Tokyo-based equity market strategist at Nomura Securities Co., the nation’s biggest brokerage. “It’s a matter of when the Federal Reserve will start tapering its stimulus.”
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:30 AM
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