The major Asian
markets closed higher, with the positive close on Wall Street overnight,
benign data from Europe and the results of the Scottish referendum generating
strength in the markets.
The Japanese market led the gains in the region, with a weaker yen
continuing to buoy sentiment in the domestic equity market. The Nikkei 225
average opened higher and advanced steadily in the morning before moving
sideways in the afternoon. The index ended up 253.60 points or 1.58 percent at
16,321, its highest closing level since November 2, 2007. A majority of stocks
advanced in the session.
Australia’s All Ordinaries also held above the unchanged line throughout
the session before closing up 18.30 points or 0.34 percent at 5,437. Financial
stocks led the gains, although material stocks came under selling pressure.
Hong Kong’s Hang Seng Index closed at 24,306, up 137.44 points or
0.57percent, and China’s Shanghai Composite added 13.52 points or 0.58
percent before closing at 2,330.
On the economic front, a report released by Japan’s Ministry of Economy, Trade
and Industry showed that an index measuring all industry activity in
Japan fell 0.2 percent month-over-month in July following a 0.3 percent drop in
June. Economists expected the index to have remained unchanged.
The monthly economic report released by the Cabinet Office showed that
the Japanese government downgraded its overall economic assessment for the
first time in five months in September, citing stagnation in private
Revised estimates released by the Cabinet Office showed that a leading
economic indicators index for Japan rose at a slower than initially
estimated rate in July. The index rose to 105.4 in July from 104.7 in June but
was below the 106.5 initially estimated.