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Asian Markets Update

Forex_market-news_Asian-markets-update_FXPIG

Asian stocks extended their New Year rally Tuesday, though Japanese equities pared gains after the Bank of Japan trimmed the size of its bond-repurchase offer by 5% in its latest market operation.

Japan’s Nikkei Average NIK, +0.57% still ended up 0.6% at 23,849.99, hitting a new 26-year closing high and catching up with regional gains after a market holiday on Monday.

But shares pulled back after the central bank’s decision to cut the size of its offer for bonds maturing in 10 to 25 years by 5% to ¥190 billion ($1.7 billion) sent the yen higher.

Some saw the BOJ’s move as a sign of slight policy tightening.

However, Rodrigo Catril, a currency strategist at ‎National Australia Bank, said the central bank was trying to stop the Japanese bond yield curve from flattening, as the gap between two- and 10-year U.S. Treasurys has reached its narrowest point since the global financial crisis.

ANZ senior strategist Irene Cheung said the yen’s jump was the result of the currency having been heavily shorted of late.

The dollar JPYUSD, +0.471744% was recently at ¥112.65, versus ¥113.15 earlier. A stronger currency often hurts Japanese stock prices, and Toyota Motor TM, +0.68%7203, -0.15%  went from a fresh two-year high to finishing down 0.2%.

Despite the pullback, the Nikkei nearly reached 24,000.

In Hong Kong, the Hang Seng Index HSI, +0.36%  topped 31,000 for the first time since 2007. It was up 0.4%, matching a record 11-day winning streak recorded in 1999.

Fresh multiyear highs were also reached in Singapore, Malaysia and AustraliaXJO, +0.09%

But South Korea’s Kospi SEU, -0.12%  turned lower and fell 0.1% as heavyweight Samsung Electronics 005930, -3.11%  dropped 3.1%. While saying it will post its best-ever quarterly earnings in the fourth quarter, Samsung’s projected results were still short of analysts’ expectations.

Taiwan’s Taiex Y9999, -0.01%   slipped from Monday’s 28-year high, declining by less than 0.1%.

Source:marketwatch.com

Asian stocks extended their New Year rally Tuesday, though Japanese equities pared gains after the Bank of Japan trimmed the size of its bond-repurchase offer by 5% in its latest market operation.

Japan’s Nikkei Average NIK, +0.57% still ended up 0.6% at 23,849.99, hitting a new 26-year closing high and catching up with regional gains after a market holiday on Monday.

But shares pulled back after the central bank’s decision to cut the size of its offer for bonds maturing in 10 to 25 years by 5% to ¥190 billion ($1.7 billion) sent the yen higher.

Some saw the BOJ’s move as a sign of slight policy tightening.

However, Rodrigo Catril, a currency strategist at ‎National Australia Bank, said the central bank was trying to stop the Japanese bond yield curve from flattening, as the gap between two- and 10-year U.S. Treasurys has reached its narrowest point since the global financial crisis.

ANZ senior strategist Irene Cheung said the yen’s jump was the result of the currency having been heavily shorted of late.

The dollar JPYUSD, +0.471744% was recently at ¥112.65, versus ¥113.15 earlier. A stronger currency often hurts Japanese stock prices, and Toyota Motor TM, +0.68%7203, -0.15%  went from a fresh two-year high to finishing down 0.2%.

Despite the pullback, the Nikkei nearly reached 24,000.

In Hong Kong, the Hang Seng Index HSI, +0.36%  topped 31,000 for the first time since 2007. It was up 0.4%, matching a record 11-day winning streak recorded in 1999.

Fresh multiyear highs were also reached in Singapore, Malaysia and AustraliaXJO, +0.09%

But South Korea’s Kospi SEU, -0.12%  turned lower and fell 0.1% as heavyweight Samsung Electronics 005930, -3.11%  dropped 3.1%. While saying it will post its best-ever quarterly earnings in the fourth quarter, Samsung’s projected results were still short of analysts’ expectations.

Taiwan’s Taiex Y9999, -0.01%   slipped from Monday’s 28-year high, declining by less than 0.1%.

Source:marketwatch.com

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