Asian Stocks Jump Higher On Yellen’s QE Support

Asian stocks rose, with Japan’s Nikkei 225 Stock Average surging beyond 15,000 for the first time since May, after Federal Reserve chairman nominee Janet Yellen signaled she will continue U.S. stimulus efforts.

Nissan Motor Co. (7201) climbed 0.5 percent, extending this week’s rally to 4.9 percent, as the yen’s decline to a two-month low against the dollar boosted the earnings outlook for Japanese exporters. Dai-ichi Life Insurance Co. surged 3.9 percent in Tokyo after the insurer raised its profit forecast. Virgin Australia Holdings Ltd. added 0.4 percent in Sydney after the carrier raised A$281.4 million ($262 million) in a share sale.

The MSCI Asia Pacific Index added 0.6 percent to 140.47 as of 9:30 a.m. in Tokyo, extending this week’s advance to 1.1 percent. That gauge is set to snap three weeks of declines, the longest set of such losses since June. All 10 industry groups on the measure rose. Global equities rallied yesterday as Yellen said she will ensure monetary stimulus isn’t removed too soon.


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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