Asian stock markets gained on Tuesday, as traders reviewed plans by Beijing to boost spending on infrastructure, and recent “dovish” policy statements by major global central banks. Shanghai posted a 2.58% gain, while Hong Kong and Tokyo also finished in the green, as did other regional exchanges.
In Tokyo, the Nikkei 225 opened lower but rose during trading as investors sought bargains after recent declines and as the yen pulled back against the US dollar, regarded as a positive in export-oriented Japan.
The benchmark Nikkei 225 rose 69.86, or 0.33%, to 21,204.28, as gaining issues outnumbered losers 178 to 43.
Leading the upside was energy engineer Chiyoda (CHYCY, 6366:Tokyo), up 4.3%, followed by bank Nomura Holdings (NMR, 8604:Tokyo), up 3.7%, and CyberAgent (CYGIY, 4751:Tokyo), an internet media services firm, up 3.4%.
On the downside was camera maker Olympus (OCPNY, 7733:Tokyo), off 2.9%, and Tokyo Dome (9681:Tokyo), owner of the Tokyo Giants professional baseball team, off 1.9%.
In economic news, the government plans to raise the national sales tax in October to 10% from 8%, but will be ready to take stimulative policy steps in case risks to the economy materialize, a draft of mid-year key policy guidelines obtained by Reuters showed.
The proposed guidelines may be formally endorsed by Prime Minister Shinzo Abe later this month.
The Hong Kong Hang Seng opened evenly and rose in trading after Beijing revealed further plans for spending on infrastructure, another sign China will move aggressively to assure economic growth. It was the fourth-straight trading day of gains in Hong Kong.
The broad gauge Hang Seng rose 210.70, or 0.76%, to 27,789.34, as gaining issues outnumbered losers 36 to 13.