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Feb. 16, 2018, 4:52 a.m. EST

Nikkei rises as Kuroda renominated to lead Bank of Japan

Most Asian markets closed for Lunar New Year holiday

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By Suryatapa Bhattacharya


Bloomberg News
Haruhiko Kuroda, governor of the Bank of Japan.

Stocks in Japan and New Zealand gained Friday, while a number of major markets were closed for the Lunar New Year holiday, as investors regained confidence in equities after sharp slides last week.

Taking cues from another robust session on Wall Street overnight, Japan’s Nikkei Stock Exchange /zigman2/quotes/210597971/delayed JP:NIK -1.66%  led gains in Asia, closing up 1.2%, despite a stronger yen.

And as expected, Gov. Haruhiko Kuroda was nominated to lead the Bank of Japan for a second term.

The markets that are open took their cues from improving investor sentiment this week and gains in global stocks overnight.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.29%   finished above 25,000 for the first time since Feb. 2, with market participants expressing greater comfort about the prospect of higher U.S. inflation and Treasury yields.

Japanese technology stocks tracked the gains of U.S. counterparts, including Apple /zigman2/quotes/202934861/composite AAPL -0.49%  , overnight. Kyocera rose 3.8% and Sony /zigman2/quotes/201361720/delayed JP:6758 -2.77%   gained 1.8%.

Japan’s car makers were also higher despite the stronger yen. Honda Motor /zigman2/quotes/200490352/delayed JP:7267 +0.41%   and Toyota Motor /zigman2/quotes/203803129/delayed JP:7203 -1.84%   each rose 1%.

Improved corporate results despite a stronger yen are supporting investor confidence, said Hiroki Shimazu, chief strategist at MCP Inc.

Gains in Japanese stocks came even as the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0535%  was last up 0.2% against the dollar Friday and up 2.7% against the greenback for the week. Yen strength prompted a response from Japanese Finance Minister Taro Aso.

“Stability of foreign exchange rates is important, and there is no change in the government’s stance that it will take appropriate action at the appropriate time, if needed,” he said, escalating his language from a day earlier.

In addition to Kuroda’s renomination, the Japanese government also nominated Masazumi Wakatabe and Masayoshi Amamiya for deputy governor positions at the central bank. Amamiya is a career BOJ official. Wakatabe is a professor at Waseda University and is viewed as an advocate of radical easing.

In Australia, the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -2.49% closed flat, but managed a 1.1% gain for the week, rebounding after a 4.6% tumble last week.

New Zealand’s shares /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.52%  climbed 0.8%, helped by a strong rise from one of its biggest stocks. Auckland International Airport /zigman2/quotes/204634926/delayed NZ:AIA +1.94%  jumped 2.8% after saying its first-half profit was higher while narrowing its earnings guidance for the fiscal year. Friday’s gains come despite further losses for Fletcher Building /zigman2/quotes/200215142/delayed NZ:FBU -2.79%  , taking its slide this week to about 10%. The solid gains for the NZX 50 come after the index reached a three-month low earlier in the week.

— Megumi Fujikawa, Robb Stewart and Ben Collins contributed to this article.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,131.34
-457.03 -1.66%
Volume: 0.00
Jan. 25, 2022 3:15p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,364.50
+99.13 +0.29%
Volume: 678.12M
Jan. 24, 2022 5:04p
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 161.62
-0.79 -0.49%
Volume: 162.71M
Jan. 24, 2022 4:00p
P/E Ratio
28.82
Dividend Yield
0.54%
Market Cap
$2652.87 billion
Rev. per Employee
$2.38M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 12,480.00
-355.00 -2.77%
Volume: 6.14M
Jan. 25, 2022 3:00p
P/E Ratio
17.28
Dividend Yield
0.48%
Market Cap
¥16067.92 billion
Rev. per Employee
¥86.99M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,399.00
+14.00 +0.41%
Volume: 4.15M
Jan. 25, 2022 3:00p
P/E Ratio
6.62
Dividend Yield
3.24%
Market Cap
¥5923.87 billion
Rev. per Employee
¥68.05M
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 2,236.50
-42.00 -1.84%
Volume: 31.06M
Jan. 25, 2022 3:00p
P/E Ratio
10.01
Dividend Yield
2.15%
Market Cap
¥31642.10 billion
Rev. per Employee
¥85.51M
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
113.9170
-0.0610 -0.0535%
Volume: 0.0000
Jan. 25, 2022 3:55a
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,961.60
-177.90 -2.49%
Volume: 1.10M
Jan. 25, 2022 5:11p
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
12,128.21
-62.85 -0.52%
Volume: 0.00
Jan. 25, 2022 5:00p
loading...
/zigman2/quotes/204634926/delayed
NZ : New Zealand: NZX
$ 7.34
+0.14 +1.94%
Volume: 1.59M
Jan. 25, 2022 4:59p
P/E Ratio
23.27
Dividend Yield
0.00%
Market Cap
$10.92 billion
Rev. per Employee
$636,296
loading...
/zigman2/quotes/200215142/delayed
NZ : New Zealand: NZX
$ 6.63
-0.19 -2.79%
Volume: 1.33M
Jan. 25, 2022 4:59p
P/E Ratio
18.85
Dividend Yield
4.52%
Market Cap
$5.72 billion
Rev. per Employee
$560,000
loading...

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