Major Asian shares in the Asia-Pacific region moved higher on Wednesday, following the string of positive trend in global stocks as investors continue to speculate that the Federal Reserve would most likely delay tapering its stimulus program until next year March. Gains in the region were lead by Japanese shares.
Members of the Federal Reserve continue their two-day Federal Open Market Committee (FOMC) meeting and are expecting to postpone tapering its $85-billion monthly bond-buying program, after the release of the disappointing US macro data and the negative impact of the 16-day US government shutdown.
Asian Shares – Japan
The Japanese benchmark Nikkei 225 gained 1.23% closing at 14,502.35 points, reaching a one-week high; while Tokyo’s broader Topix index climbed 0.92% at 1,204.50 points. The US dollar was seen flat against the yen, up by 0.05% at ¥98.22 as of the time of writing.
Shares in the Asian region revealed an increase of 1.5% month-on-month in September’s industrial production volumes.
The Bank of Japan (BoJ) is expected to release its updated forecasts on the economy growth and inflation. The Bank of Japan (BoJ) is expected to raise its forecasts for the gross domestic product (GDP) for fiscal year 2014, according to Sankei newspaper.
Dainippon Sumitomo saw the most gains, climbing 4.7%, followed by NSK plunged 4.4%. While Nomura Holdings and Daiwa Securities Group rose 0.8% and 3.8% respectively.
Fanuc declined by 2.5% in sales and a lower-than-forecasted figure for the full year.
Asian Shares – China
In China, the trading session saw gains as Hong Kong’s Hang Seng advanced 1.03% to 23,080.89 points, while the Chinese mainland Shanghai index gained 1.48% to 2,160.46 points.
Galaxy Entertainment Group advanced 4.27% higher, while China Petroleum & Chemical Corporation gained 2.15% after a 20% increase in its third-quarter net profit from the previous year.
The Agricultural Bank of China edged 3.06% higher, while the Industrial and Commercial Bank of China gained 1.5% in Hong Kong.
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