Asian Stocks Rebound as Weaker Yen Boosts Topix

Asian stocks

Asian Stocks Rebound as Weaker Yen Boosts Topix

 

Asian stocks rose on Friday as a weaker yen boosts Topix amid speculation that the U.K. won’t vote to leave the European Union.

The MSCI Asia Pacific Index climbed 0.6 percent to 126.32 on Friday in Tokyo.

While Japan’s Topix index rose 1.5 percent as the yen declined 0.3 percent after previously gaining 1.7 percent on Thursday. The index slumped 2 percent on Thursday as the Bank of Japan opted to keep policy unchanged.

“The dollar-yen market has calmed somewhat,” said Shunichi Otsuka, general manager of research and strategy at Ichiyoshi Securities Co. in Tokyo. “We’ll probably see a rebound from the steep fall yesterday. The fact that U.S. shares have risen is also a tailwind for Japanese equities.”

New Zealand’s S&P/NZX 50 Index was little changed. South Korea’s Kospi Index surged 0.6 percent, and Australia’s S&P/ASX 200 Index added 0.3 percent.

The Bank of Japan, Bank of England and Swiss National Bank kept interest rates unchanged after US Fed pull back on its projection for rate increases this year as policy makers cited worries about the potential damage caused by Brexit as a factor in their decisions.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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