Stocks across the Asian region was seen rising on Thursday, boosted by the surprising decision by the US Federal Reserve (Fed) to keep its $85 billion monthly monetary stimulus unchanged.
“We have decided to await more evidence that progress will be sustained before adjusting the pace of its purchases,” Fed policymakers said in a statement. “We could begin later this year, but even if we do that, the subsequent steps will be dependent on the continued progress of the economy,” Bernanke said during a press conference following the statement release.
The Japanese yen was seen advancing 0.45% higher at ¥98.37 against the US dollar at the time of writing, while the Australian currency was 0.39% higher to $0.9486 at the same time.
Gold futures for December gained 4.09% to $1,361.10 an ounce after the unexpected decision by the Federal Reserve until the time of writing.
Asian Stocks – Japan
The Japanese benchmark Nikkei 225 climbed 1.80% higher to 14,766.18 points on Thursday, while the Tokyo’s broader Topix index rose 1.88% to 1,215.48 points. Japan’s ministry of finance announced that the country’s trade balance advanced to ¥790 billion in August.
Pacific Metals, stainless steel manufacturer, saw the most gains on the Nikkei 225, rising 9.3% higher, while Pioneer Corporation declined 1.2%.
The Bank of Japan’s (BoJ) Governor Haruhiko Kuroda is expected to speak at the National Securities Industry Convention in Tokyo, later today and on Friday.
While the Central Bank’s board member Takahide Kiuchi, spoke earlier in Hokkaido. He said that BoJ should not aim to achieve its 2% inflation rate in two years because he predicts the period is too short.
“At this point, under the current commitment, I can’t deny the possibility that the BoJ will be influenced by external factors such as market expectations and will be forced to respond in such a way,” he said.
Asian Stocks – Hong Kong Gains
Hong Kong’s benchmark Hang Seng rose 1.58% higher to 23,490 points at the time of writing, boosted by the series of upbeat data’s released recently.
Sino Land, real-estate developer saw the most gains during the session with 5.9% gains, while the hygiene products manufacturer Hengan International Group dropped 2%.
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