Asian stock markets are on the rise
Asian markets mostly up, tracking Wall Street’s gains; Factory activity in China grows at slower pace.
Asia-Pacific markets were broadly higher on Tuesday, tracking Wall Street’s moves as investors await the China manufacturing purchasing managers’ index for April.
Japan’s leading foreign exchange diplomat and Deputy Finance Minister Masato Kanda reportedly declined to comment on whether the finance ministry intervened to support the yen, which fell to a record low on Monday.
The currency fell to a low of 160.03 against the dollar yesterday, before strengthening sharply and trading around the 155 level.
Meanwhile, the Wall Street Journal reported that Japan intervened to support the yen by selling the dollar and buying the yen.
Japan’s Nikkei 225 rose 1.4 percent as investors returned from a public holiday, while the broad-based Topix rose nearly 2 percent.
Japan’s March retail sales rose at a slower pace than expected in March, while unemployment was slightly above expectations.
Data from China showed manufacturing activity grew at a slower pace in April. The official purchasing managers’ index stood at 50.4, compared to 50.8 in March. However, this figure exceeded economists’ prediction of 50.3.
Hong Kong’s Hang Seng index rose 0.2 percent, while China’s CSI 300 index fell 0.12 percent.