Most
Asian stocks advanced after comments from Federal Reserve Chair Janet
Yellen boosted the dollar against the yen, spurring equity gains in
Tokyo.
Two
stocks rose for each that fell on the MSCI Asia Pacific Index, which
added 0.1 percent to 134.92 as of 9:09 a.m. in Tokyo. The Topix index
climbed 0.9 percent. U.S. shares slid on Wednesday and the greenback
strengthened after Yellen, speaking before the House Financial Services
Committee, said an improving economy has set the stage for a December
interest-rate increase if reports continue to assure policy makers that
inflation will accelerate over time. Companies in the U.S. added 182,000
workers to payrolls in October, signaling steady improvement, figures
released by ADP Research Institute showed.
Following
Yellen’s remarks, Fed Bank of New York President William Dudley said at
press briefing he “completely” agrees with Yellen that December is “a
live possibility” for liftoff on rates. Investors are also waiting to
hear from Vice Chair Stanley Fischer. Traders now price in a 58 percent
chance the central bank will increase rates at its December meeting.
South
Korea’s Kospi index lost 0.3 percent. Australia’s S&P/ASX 200 Index
sank 1.1 percent. New Zealand’s S&P NZX 50 Index slid 0.2 percent.
Markets in China and Hong Kong have yet to start trading.
Source: Bloomberg
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