Nikkei-225 hogs limelight

Tokyo:Asian shares were mostly higher Friday as Tokyo’s benchmark momentarily touched a 34-year high, while many regional markets were closed for the Lunar New Year holiday. Japan’s benchmark Nikkei-225 rose 0.5 per cent to 37,029.91, slipping back from earlier gains. Investors were encouraged by remarks by Bank of Japan Deputy Gov Shinichi Uchida, who hinted the central bank will maintain its easy monetary policy stance even after ending its current negative benchmark rate. Nikkei-225 was at 34-year high on Thursday. Some issues benefited from the previous day’s earnings reports, including SoftBank Group Corp jumping 10 per cent after recording a quarterly profit following a year of red ink. But Nissan stock plunged 11 per cent after it reported its profit fell. Australia’s S&P/ASX 200 added 0.2 per cent to 7,652.40. Thailand’s SET edged 0.1 per cent higher.

On Thursday, US stocks ticked higher on signs that the job market remains remarkably solid. The S&P 500 inched up 0.1 per cent to 4,997.91. The Dow Jones Industrial Average also set an all-time high after gaining 0.1 per cent to 38,726.33. The Nasdaq composite rose 0.2 per cent to 15,793.71. During the day, the S&P 500 briefly topped the 5,000 level for the first time. Such milestones don’t mean much in a market that’s supposed to be dictated by math and dollars and cents. But it can offer a psychological boost for a market that can often move on emotion as well. “It is a great reminder of how far we’ve come, and it wasn’t that long ago that everyone on TV was telling us about a near certain bear market and recession,” said Ryan Detrick, chief market strategist at Carson Group.