Asian markets ended mostly in green on Tuesday, with Japanese stock recovering from the biggest one-day rout this year as expectations for stimulus measures rose a day after the country reported that its economy slid into recession. Japanese Prime Minister Shinzo Abe is set to call early elections as part of a trio of measures in a gambit to secure his political future and fortify the three arrows of his economic policy after the nation sank into recession. Abe plans to postpone an unpopular sales tax increase, scheduled for October 2015, for 18 months. Indonesia’s central bank convened an extraordinary meeting, fueling speculation it will raise interest rates after the president hiked fuel prices to tackle the country’s budget and current account deficits. In his first major economic policy decision, President Joko Widodo yesterday night raised subsidized gasoline and diesel prices by more than 30% to help fund his reform agenda. The central bank has pushed for significant cuts in fuel subsidies, which have made it focus monetary policy on the big current account deficit instead of raising economic growth, which has fallen to 5.01%, its slowest pace in five years. Hong Kong Unemployment Rate remained unchanged at a seasonally adjusted 3.3% compared to the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2456.37 | -17.64 | -0.71 |
Hang Seng | 23529.17 | -267.91 | -1.13 |
Jakarta Composite | 5102.47 | 48.53 | 0.96 |
KLSE Composite | 1818.38 | 11.90 | 0.66 |
Nikkei 225 | 17344.06 | 370.26 | 2.18 |
Straits Times | 3313.73 | 25.06 | 0.76 |
KOSPI Composite | 1967.01 | 23.38 | 1.20 |
Taiwan Weighted | 8859.07 | -25.32 | -0.28 |
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