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- Asian Stocks close: most stocks closed higher
Asian Stocks close: most stocks closed higher
Most Asian stock indices closed higher.
Japanese stocks were driven by the weaker yen. The yen weakened on reform hopes. Japan's Prime Minister Shinzo Abe plans to reshuffle the cabinet. Japanese media reports said that Shinzo Abe may appoint Yasuhisa Shiozaki, member of the ruling Liberal Democratic Party, to head the health ministry in charge of reforming the Government Pension Investment Fund (GPIF).
Reuters reported last month that GPIF plans to buy more domestic stocks in its portfolio and to change the weighting of domestic stocks to more than 20% from a current 12% target.
Chinese stocks were driven by the by defence and technology companies. Investors speculate that the government will increase military spending to boost economic growth.
Escalating tensions between Russia and Ukraine continued to weigh on markets.
Hyundai Motor Co. shares fell 2.8% after the company reported that car sales declined 5.9% in August from a year earlier.
Nintendo Co. shares rose 2.9%.
Samsung Electronics Co. decreased 2.6% due to reports that the company's operating profit will decline in this quarter.
Indexes on the close:
Nikkei 225 15,668.6 +192.00 +1.24%
Hang Seng 24,749.02 -3.07 -0.01%
Shanghai Composite 2,266.05 +30.54 +1.37%
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