Asian stocks rose,
with the regional benchmark index heading for its fourth day of
advances, as shares in Tokyo extended Friday’s rally after the Bank of
Japan stepped up its monetary stimulus.
The MSCI Asia Pacific
Index gained 0.4 percent to 121.82 as of 9:05 a.m. in Tokyo, extending
its longest winning streak of the year as optimism grew that central
banks around the world will support financial markets.
Policy makers took the
sting out of the worst start to a year since 2009 for global equities,
helping to ease a selloff that wiped more than $5 trillion from market
value. The European Central Bank’s indication it could expand stimulus
as soon as March was followed by the Federal Reserve standing pat on
interest rates and noting its concern over the global situation. The BOJ
outdid them both, shocking investors Friday by joining the ECB in
imposing negative rates, a strategy once considered unthinkable among
central bankers that’s aimed at stoking spending.
Japan’s Topix index
jumped 1.2 percent, adding to Friday’s 2.9 percent surge, as the yen
maintained losses near a six-week low. South Korea’s Kospi index
advanced 0.2 percent. Australia’s S&P/ASX 200 Index gained 0.9
percent. New Zealand’s benchmark gauge increased 0.4 percent.
Futures on the FTSE
China A50 Index added 0.4 percent in most recent trading, while those
for Hong Kong’s Hang Seng Index slipped 0.7 percent. The Shanghai
Composite Index rallied 3.1 percent on Friday amid speculation the
steepest monthly selloff since the global financial crisis was overdone,
while the central bank injected more liquidity into the financial
system to avert a cash crunch before this month’s holidays.
Source : Bloomberg
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