The Asian markets concluded Thursday’s trade in green after Federal Reserve chair nominee Janet Yellen released remarks suggesting the central bank should continue supporting the US economy with stimulus. Japan’s gross domestic product grew at an annualized rate of 1.9% in the three-month period that ended in September. Although the result represents a sharp slowdown from the second quarter, when the economy grew by 3.8%, the lower number was anticipated. The growth data is the latest check on the progress of a range of pro-growth policies in Japan, known as Abenomics. These measures include aggressive monetary easing from the Bank of Japan that has pushed down the value of the yen.
China’s fiscal revenue growth accelerated for three months in a row in October amid a rebound in the world’s second-largest economy. The revenue, comprising income of the central and local governments, climbed 16.2 percent year on year to 1.2 trillion yuan ($197 billion) last month. The revenue grew 13.4 percent in September and 9.2 percent in August. South Korea's central bank kept its benchmark interest rate steady at 2.50%, standing pat for a sixth straight month amid caution over the country’s economic recovery and benign inflation. The last rate move was a surprise quarter-percentage-point rate cut in May, when the government also introduced a $16 billion extra budget, seeking to revive an economy that grew 2.0% in 2012, the slowest in three years.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2100.51 | 12.57 | 0.60 |
Hang Seng | 22649.15 | 185.32 | 0.82 |
Jakarta Composite | 4367.37 | 65.48 | 1.52 |
KLSE Composite | 1784.20 | 1.71 | 0.10 |
Nikkei 225 | 14876.41 | 309.25 | 2.12 |
Straits Times | 3191.08 | 24.34 | 0.77 |
KOSPI Composite | 1967.56 | 4.00 | 0.20 |
Taiwan Weighted | 8134.91 | 30.65 | 0.38 |
