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Asian stocks rally on cheerful economic targets for China and stimulus bets from Japan
- The MSCI Asia Pacific Index rose 0.6% to 134.62 at 15:28 in Tokyo
Premier Wen Jiabao said on Tuesday ahead of the country`s annual parliamentary meetings that his country will boost fiscal spending to assure an economic growth of 7.5% this year, a 3.5% inflation target and add more than 9 million urban jobs.
- Hong Kong’s Hang Seng closed 0.10% higher at 22560.50
- China’s CSI 300 closed 3.03% higher at 2622.81
Meanwhile, in Japan Kikuo Iwata, the nominee for one of the deputy central bank governors, confirmed on Tuesday he shares similar views on aggressive monetary policy as Haruhiko Kuroda raising expectations of further monetary easing.
- Nikkei 225 closed 0.27% higher at 11683.45 while Topix closed 0.37% lower at 988.62 after the yen strengthened, trading at 93.00 hurting exporters
In Australia stocks rose after the Australian central bank kept rates unchanged at a record low of 3% and stated that there was scope to ease policy further if needed. Moreover, the nation’s retail sales rose more than expected in January.
- S&P/ASX 200 closed 1.29% higher at 5075.36
- New Zealand’s NZX 50 closed 0.37% higher at 4269.16
In South Korea, stocks rose as the yen strengthened brightening the outlook for exports, and was dragged by Wall Street’s rally which ignored the $85 billion spending cuts that started on Friday in the U.S.
- Kospi closed 0.17% higher at 2016.61
All the other indexes around Asia rose on Tuesday.
- Indonesia’s Jakarta Comp rose 0.21% to 4771.61
- Singapore`s FTSE Strait Times rose 0.32% to 3250.29
- Malaysia’s KLCI rose 0.33% to 1641.30
- Thailand’s main index rose 0.81% to 1553.21
- India’s BSE Sensex 30 index rose 1.33% to 19128.44
- Taiwan’s Taiex rose 0.83% to 7931.71
- Philippine’s PSEi rose 1.12% to 6711.72