Asian equity markets rose on Tuesday with Japan’s benchmark index leading gains by 2 percent as the yen weakened on news of corporate tax cuts.
Japan’s benchmark Nikkei index hit a three-day high, Australia’s S&P ASX 200 rose to it’s highest level in nearly three months and South Korea’s Kospi hit a one-week high. The Shanghai Composite meanwhile, moved off a near two-month high.
A weaker yen helped Japan’s benchmark index bounce off the previous session’s six-week low. Dollar-yen rose above the 97 handle but still remains nearly 3 percent lower from a high of 99.9 hit earlier this month.
News of corporate tax cuts helped boost sentiment. The Nikkei newspaper reported that Abe has called for a study on lowering the current corporate tax rate as a way to attract foreign-capital and boost growth in an attempt to offset the impact of a sales tax-hike.
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