Asian stocks traded higher on Thursday after Wall Street stabilized on Wednesday, ending days of sell-offs and monetary policy decisions by the Bank of Japan.
The Japanese Nikkei 225 index rose 1.75% to 26,847.90 points after the end of the monetary policy session of the Bank of Japan without any change in its policies. The central bank kept the target at almost zero interest rates despite the recent weakening of the yen against the dollar and rising costs on many imported products.
The dollar strengthened to 130.08 yen after the decisions of the central bank. The US Federal Reserve has launched its policy tightening to deal with the inflation rally and is expected to launch aggressive interest rate hikes this year and beyond.
Chinese indices are moving with mixed signs as authorities continue their efforts to control the spread of Covid-19 in Shanghai, Beijing and elsewhere. In Hong Kong the Hang Seng Index gains 0.5%, while in mainland China the Shanghai Composite moves with small losses of 0.1%.
The draconian measures taken by the Chinese authorities to combat Covid-19 have sparked concerns about the course of the Chinese economy due to the damage they are causing to businesses and households. At the same time, supply chains are being hit hard, causing new inflationary pressures.
South Korea’s Kospi index gained 0.8%, while in Australia the S & P / ASX 200 strengthened by 1.3%. Indicators in Singapore, Taiwan and Indonesia are also gaining ground.
Source: Capital
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