Asian stocks rose, with the Nikkei 225 Stock Average climbing above 17,000 for the first time since 2007, after the yen weakened as investors weighed additional stimulus by Japanâ€™s central bank.
The MSCI Asia Pacific Index gained 1.6 percent to 142.56 as of 9:03 a.m. in Tokyo, before markets opened in China and Hong Kong. The Bank of Japanâ€™s unexpected stimulus boost announced at the end of last week pushed the yen to 114.22 per dollar yesterday. The countryâ€™s $ 1.1 trillion pension fund announced Oct. 31 it was raising its target allocations for domestic and foreign shares.
Japanâ€™s Topix index added 4.4 percent, while the Nikkei 225 climbed 4.1 percent tot 17,090.27. Australiaâ€™s S&P/ASX 200 Index rose 0.1 percent and South Koreaâ€™s Kospi index climbed 0.2 percent. New Zealandâ€™s NZX 50 Index slipped 0.1 percent.
Futures on the Standard & Poorâ€™s 500 Index slid 0.2 percent. The measure fell less than 0.1 percent yesterday, following a monthly advance that sent the benchmark to a record, as energy companies dropped with the price of oil after Saudi Arabia cut the cost of crude sent to U.S. customers.
Source : Bloomberg