Asian markets join global rally

Harriet Green
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Strong US manufacturing data has seen asian markets tracking other markets, making at least modest gains, following a record close for the S&P 500.

The yen’s shed 0.2 per cent as investors’ risk appetite received a boost, with the Nikkei gaining 1.7 per cent and the Topix adding 1.3 per cent. The dollar's hit a 10-week high against the yen.

The pick up in sentiment managed to outweigh further details from the Bank of Japan on the impact of the hike in sales tax from five to eight per cent.

Japanese companies don’t, according to the bank, see it reaching its two per cent inflation target next year, or even over the next five years.

Investors appear less concerned about the slowdown in China, focusing on the prospect of infrastructure investment from Beijing.

China’s Hang Seng has risen 0.4 per cent, and Korea’s Kospi’s up almost 0.3 per cent. New Zealand’s dollar has weakened.

Gold’s gained up to 0.3 per cent in trading.