Investor Alert

New York Markets Open in:

Asia Markets Archives | Email alerts

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

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NIKKEI 225 Index (NIK)
  • X
    Dow Jones Industrial Average (DJIA)
  • X
    Apple Inc. (AAPL)

or Cancel Already have a watchlist? Log In

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.

JP : Nikkei
-457.03 -1.66%
Volume: 0.00
Jan. 25, 2022 3:15p
US : Dow Jones Global
+99.13 +0.29%
Volume: 678.12M
Jan. 24, 2022 5:04p
US : U.S.: Nasdaq
$ 161.62
-0.79 -0.49%
Volume: 162.71M
Jan. 24, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$2652.87 billion
Rev. per Employee
JP : Japan: Tokyo
¥ 12,480.00
-355.00 -2.77%
Volume: 6.14M
Jan. 25, 2022 3:00p
P/E Ratio
Dividend Yield
Market Cap
¥16067.92 billion
Rev. per Employee
JP : Japan: Tokyo
¥ 3,399.00
+14.00 +0.41%
Volume: 4.15M
Jan. 25, 2022 3:00p
P/E Ratio
Dividend Yield
Market Cap
¥5923.87 billion
Rev. per Employee
JP : Japan: Tokyo
¥ 2,236.50
-42.00 -1.84%
Volume: 31.06M
Jan. 25, 2022 3:00p
P/E Ratio
Dividend Yield
Market Cap
¥31642.10 billion
Rev. per Employee
US : Tullett Prebon
-0.0610 -0.0535%
Volume: 0.0000
Jan. 25, 2022 3:55a
-177.90 -2.49%
Volume: 1.10M
Jan. 25, 2022 5:11p
NZ : New Zealand: NZX
-62.85 -0.52%
Volume: 0.00
Jan. 25, 2022 5:00p
NZ : New Zealand: NZX
$ 7.34
+0.14 +1.94%
Volume: 1.59M
Jan. 25, 2022 4:59p
P/E Ratio
Dividend Yield
Market Cap
$10.92 billion
Rev. per Employee
NZ : New Zealand: NZX
$ 6.63
-0.19 -2.79%
Volume: 1.33M
Jan. 25, 2022 4:59p
P/E Ratio
Dividend Yield
Market Cap
$5.72 billion
Rev. per Employee

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.