Asian Stocks Higher as Nikkei Lead Rise

Asian stocks rose, with the regional benchmark index heading for a two-week high, as Japanese exporters rallied after the nation’s shipments increased and the yen weakened as investors awaited the outcome of the Federal Reserve meeting.

Japan’s Toyota Motor Corp. , the world’s biggest carmaker, added 0.9 percent. Mitsui O.S.K. Lines Ltd., the largest operator of merchant shipping fleets, jumped 4.7 percent in Tokyo after a gauge that tracks the cost of shipping commodities rose for a ninth day. Rio Tinto Group gained 2.2 percent after a report the world’s No. 2 mining company will cut more jobs at its iron-ore operations in Australia.

The MSCI Asia Pacific Index gained 0.7 percent to 132.71 as of 9:43 a.m. in Tokyo, with more than three shares rising for each that fell. More than $2 trillion has been erased from global markets since Fed Chairman Ben S. Bernanke said May 22 U.S. policy makers could scale back stimulus efforts if the employment outlook shows “sustainable improvement.”


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu