Most Asian stocks rose after Japans Prime Minister Shinzo Abe called an early election and U.S. equities rallied to all-time highs.
The MSCI Asia Pacific Index added 0.1 percent to 140.75 as of 9:05 a.m. in Tokyo, with three shares advancing for each that fell. Japans parliament will be dissolved on Nov. 21, Abe said at a press conference yesterday in Tokyo, without giving an election date. He also delayed for 18 months a second planned sales-tax increase after the first installment in April led consumer spending to stagnate and the economy to contract for two straight quarters.
Japans Topix index climbed 0.7 percent as the yen held near a seven-year low against the dollar. Abe also ordered his ministers to prepare a stimulus package. The Bank of Japan will wrap up a two-day policy meeting today, after it boosted already-unprecedented stimulus last month.
South Koreas Kospi index advanced 0.1 percent. New Zealands NZX 50 Index rose 0.1 percent and Australias S&P/ASX 200 Index slipped 0.2 percent. Markets in China and Hong Kong have yet to open.
Futures on the Hang Seng Index gained 0.1 percent in their most recent trading session. The Hong Kong gauge has fallen 2.3 percent in the past two days to a three-week low amid a slow start to the Shanghai-Hong Kong stock link. Just 7.6 percent of the Hong Kong quota was taken up yesterday, while 37 percent of the Shanghai limit was filled.
Source : Bloomberg