Asian
stocks rose as Tokyo shares rallied for a third day and Group of 20
leaders pledged to use fiscal policy to strengthen growth and job
creation.
The MSCI Asia Pacific Index gained 0.4 percent to 120.08 as of 9:09 a.m. in Tokyo. Investors
are looking for clues as to the strength of the global economy after
finance chiefs from the world’s top economies committed their
governments over the weekend to doing more to boost global growth amid
mounting concerns over the potency of monetary policy. Japan’s most
recent round of monetary easing was a focus of the meeting, amid concern
it could spur a round of competitive currency devaluations, said
Eurogroup chief Jeroen Dijsselbloem.
The
G-20 members reaffirmed they will refrain from competitive
devaluations, and -- in new language -- agreed to consult closely on
currencies. Chinese manufacturing data due Tuesday and the monthly U.S.
jobs report Friday are just two of a string of closely watched economic
data points scheduled to be released this week.
Asia’s
benchmark index is down 9 percent in 2016, compared with a 4.7 percent
slide in the S&P 500. Slumping commodities prices, a surprise
devaluation of the yuan and a move into negative rates from the BOJ
roiled equity markets at a time the Federal Reserve is considering how
fast it can lift U.S. interest rates without choking off the economic
recovery.
Source: Bloomberg
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