Asia report: Markets mostly higher while Japan weakens
Markets in Asia finished slightly higher on Thursday, with Japanese markets being dragged down by a stronger yen.
AUD/USD
$0.6649
21:06 28/05/24
GBP/NZD
NZD2.0776
21:05 28/05/24
Hang Seng
18,821.16
10:20 28/05/24
Nikkei 225
38,855.37
09:45 28/05/24
USD/JPY
¥157.1310
21:06 28/05/24
The Nikkei 225 was 0.53% weaker at 18,907.67 as the stronger currency put the kibosh on export stocks.
Honda Motor ended down 1.96% and Subaru car producer Fuji Heavy Industries ended 3.71% weaker.
Brake materials manufacturer Nisshinbo softened 4.32%, after it emerged it was scaling back its plans for a production plant in Mexico.
Japan’s Prime Minister, Shinzo Abe, was due to meet US President Trump in Washington, DC on Friday, with traders set to watch the occasion closely.
Trump and his administration riled Japanese officials last week after it accused them of using the yen as a weapon against the US dollar.
The yen was marginally weaker against the greenback after Asian hours, though still comparatively strong - it lost 0.29% to JPY 112.26 per $1.
On the mainland, the Shanghai Composite was up 0.51% at 3,183.18
South Korea’s Kospi finished 0.04% higher at 2,065.88, while Hong Kong’s Hang Seng Index ended 0.17% higher at 23.525.14.
Tencent Holdings was among the risers in the special administrative region, adding 0.1%, with financial stocks also on the up, including China Construction Bank which rose 1.2%.
Oil prices were higher, with Brent crude up 1.17% at $55.77 per barrel and West Texas Intermediate 1.1% firmer at $52.91.
Australia’s S&P/ASX 200 ended the day 0.23% stronger at 5,664.60.
New Zealand’s S&P/NZX 50 added 0.8% to finish at 7,121.63, led higher by casino operator SkyCity Entertainment, which surged 6.2% after it posted an 18% lift in first-half profit.
The Reserve Bank of New Zealand stood pat on monetary policy, holding the official cash rate at a record low 1.75% - as the markets expected.
Its rhetoric was more cautious than at the last meeting in November, however, saying a decline in the exchange rate was still necessary.
The central bank said “monetary policy will remain accommodative for a considerable period.”
It was a mixed bag of down under dollars, with the Aussie last 0.12% stronger against the greenback at AUD 1.3065 and the Kiwi weakening 0.62% at NZD 1.3852 per $1.