An editorial montage of the Japan flag and Japanese yen cash bank notes.
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Asia-Pacific markets were largely set to extend gains on Tuesday, tracking Wall Street moves, with investors awaiting China manufacturing purchasing managers’ index for April.
Japan’s top currency diplomat Masato Kanda reportedly declined to comment on whether the finance ministry had intervened to prop up yen after it fell to a record low on Monday.
The currency weakened to its lowest level against the U.S. dollar yesterday at 160.03, before strengthening sharply to trade around the 155 level.
The Wall Street Journal, meanwhile, reported that Japan had intervened to support the yen by selling U.S. dollars and buying yen.
Traders will also assess economic data from Japan and South Korea.
Japan’s Nikkei 225 climbed 0.98% as traders returned from a public holiday, while the broa- based Topix was up 1.2%.
Japan’s retail sales for March rose at slower-than-expected pace in March, while unemployment came in slightly above expectations.
South Korea’s Kospi was 0.23% higher, while the small-cap Kosdaq rose 0.26%. the country’s factory output fell in March by the most in 15 months, down 3.2% compared to a 0.6% gain expected by a Reuters poll of economists.
The Australian S&P/ASX 200 was 0.17% down.
Futures for Hong Kong’s Hang Seng index stood at 17,697, pointing to a weaker open compared with the HSI’s close of 17,746.91.
Overnight in the U.S., all three major indexes closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.
Tesla jumped more than 15%, providing upward momentum to the market after clearing a key hurdle for full self-driving technology in China.
The S&P 500 rose 0.32%, while the Nasdaq Composite added 0.35%. The Dow Jones Industrial Average added 0.38%.
— CNBC’s Brian Evans contributed to this report.
Source link: https://www.cnbc.com/2024/04/30/asia-markets.html