Asian stock markets recorded gains on Thursday, buoyed by renewed optimism following the release of encouraging inflation data from the United States. Meanwhile, the yen strengthened significantly, driven by expectations of an interest rate hike by the Bank of Japan.
At the Tokyo Stock Exchange around 03:30 GMT, the benchmark Nikkei index climbed by 0.46% to reach 38,623.34 points, while the broader Topix index increased by 0.10% to 2,693.31 points. In Seoul, the market gained 1.25%, and Sydney saw a modest increase of 0.20%.
Chinese markets also exhibited positive trends: in Hong Kong, the Hang Seng index surged by 0.88% to 19,454.91 points. The Shanghai Composite index rose by 0.37%, and the Shenzhen index advanced by 0.51%. Building on a notable rise the previous day (up 0.8%), the Japanese currency continued its ascent on Thursday, gaining 0.41% against the dollar at around 03:30 GMT, reaching 155.80 yen per dollar.
An increase in Japanese interest rates would enhance the attractiveness of the yen. Concurrently, the dollar weakened in response to unexpectedly favorable inflation figures from the United States.
Oil prices soared by over 2% on Wednesday, spurred by an upward revision from the International Energy Agency concerning demand for the fourth quarter of 2024. This optimism regarding demand has continued to support the market in Asia on Thursday: as of 03:30 GMT, U.S. WTI crude rose by 0.45% to $80.40 per barrel, while North Sea Brent increased by 0.38% to $82.34 per barrel.
