World Economy

Asia Stocks Surge

Asia Stocks SurgeAsia Stocks Surge

Asian markets rallied Friday and the dollar pushed past 111 yen after Japan’s central bank said it would expand its vast monetary easing scheme and the United States released forecast-busting economic growth data.

Japanese stocks clocked up gains of almost five percent to sit at a seven-year high after the Bank of Japan announced its surprise decision in a bid to drag the economy back from the brink of recession, AFP reported.

The Nikkei jumped 4.83 percent, adding 755.56 points to 16,413.76 -- its highest since November 2007 -- with buying further boosted by a report that country’s vast national pension fund would double its domestic equities holdings. The index is now in positive territory for the year to date.

Sydney closed up 0.92 percent, or 50.4 points, at 5,526.6 and Seoul tacked on 0.28 percent, or 5.50 points, to end at 1,964.43.

Hong Kong climbed 1.25 percent, or 296.02 points, to 23,998.06 while Shanghai jumped 1.22 percent, or 29.10 points, to 2,420.18 -- its highest since February last year. The BoJ said Friday it would add up to 20 trillion yen ($182 billion) to its current asset-buying scheme, bringing it to 80 trillion yen annually.

The decision sent the yen sinking to 111.22 against the dollar, levels not seen since January 2008. The euro rose to 139.76 yen from 137.79 yen in morning trade and 137.75 yen in New York Thursday.

The Japanese unit was already heading south after data showed the US economy grew a better-than-expected 3.5 percent in the three months to the end of September.

Wall Street ended on a high after the US growth data, with the Dow surging 1.30 percent, while the S&P 500 added 0.62 percent and the Nasdaq gained 0.37 percent.

On oil markets US benchmark West Texas Intermediate for December delivery fell 56 cents to $80.56 while Brent crude for December was down 74 cents at $85.50 in afternoon trade. The career networking website got a 45% sales bump in the third quarter.

  In Other Markets

-- Singapore closed up 1.23 percent, or 39.94 points, to 3,274.25.

-- Taipei rose 0.98 percent, or 86.69 points, to 8,974.76.

-- Wellington rose 0.33 percent, or 17.65 points, to 5,387.83.

-- Manila added 0.62 percent, or 44.74 points, to 7,215.73.

-- Mumbai surged 1.90 percent, or 519.50 points, to 27,865.83.

-- Bangkok gained 1.20 percent, or 18.81 points, to 1,584.16.

-- Kualu Lumpur rose 0.67 percent, or 12.37 points, to close at 1,855.15.

-- Jakarta closed 0.61 percent higher, or 30.70 points, at 5,089.55.