Japan’s stocks lead gains in Asia
14 March 2016, Nirapad News: Stocks in Japan and China led gains on Monday, extending a rally on Wall Street, which closed at its highest level so far this year on Friday.
Tokyo’s Nikkei 225 finished the session up 1.75% to 17,233.75 points.
Investor sentiment in Japan was given a boost as official machinery orders data showed a 15% jump in January from December, beating estimates.
Japan’s machinery orders are seen as a way of gauging capital spending for the next six to nine months, reports the BBC.
“Today’s data on machinery orders suggest that capital spending will continue to expand this quarter,” said Japan economist Marcel Thieliant.
“While a near-term slowdown is likely, we expect the recovery in capital expenditure to resume towards the end of this year,” he added.
Meanwhile, Japan’s central bank commences its two-day meeting later.
Ahead of the meeting, the International Monetary Fund backed Japan’s recent decision to introduce negative interest rates to spur growth.
The head of the IMF, Christine Lagarde, said unconventional monetary policies should continue if they were accompanied by structural reforms and low inflation.
Elsewhere, Australia’s benchmark S&P/ASX 200 index closed up 0.4% to 5,185.50, helped by energy-related stocks which were higher after a rise in oil prices.
South Korea’s benchmark Kospi index closed flat at 1,972.27.