By Laura He, MarketWatch
Shanghai stocks end above 3,500 for first time in nearly 7
years
HONG KONG (MarketWatch) -- Japanese stocks scored a new 15-year
closing high on Tuesday, after the Bank of Japan stood pat on its
monetary policy and indicated it is still confident inflation will
resume an upward trend without additional easing.
The Nikkei Average climbed 1% to close at 19,437, the highest
since April 2000. The broader Topix advanced 0.8%.
The yen (USDJPY) weakened a little versus the dollar to
Yen121.42, compared with Yen121.33 late Monday in New York.
Earlier in the day, the BOJ left its massive asset-buying
program unchanged
(http://www.marketwatch.com/story/bank-of-japan-stands-pat-on-policy-2015-03-16)and
maintained its view that Japan's economy has "continued its
moderate recovery trend." The central bank said consumer inflation
might move "around zero percent" for the time being due to
declining energy prices. However, it remains confident price growth
will begin rising again later in the year without additional
stimulus.
Among market movers, electronics giant Hitachi Ltd. jumped 4.3%,
and machinery maker Mitsubishi Heavy Industries Ltd. gained 1.8%,
after a Nikkei report said the two companies were seeking to lift
return on equity. Likewise, natural-gas provider Tokyo Gas Co. Ltd.
climbed 2.3% as another Nikkei report suggested the company would
buy back shares to increase shareholder return.
Elsewhere in Asian markets, Shanghai stocks closed above the
3,500 mark for the first time in nearly seven years, as the
Shanghai Composite Index settled 1.6% higher at 3,502.85. The index
also posted a five-day winning streak.
Seoul and Sydney shares also recorded gains, with the Kospi
Composite Index jumping 2.1% and the S&P/ASX 200 rising
0.8%.
However, Hong Kong stocks edged lower, as the Hang Seng Index slipped 0.2%.
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