Asian markets make gains but Japan is left behind

Guy Bentley
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Asian markets are on the up after a more bullish day on Wall Street.

A strengthening global economy and China's move away from a more restrictive credit policy all contributed to a rise in confidence.

Positive jobs data from the US combined with Chinese stimulus efforts to head off a slowdown in growth have also helped to buoy markets in recent days.

However, the situation in Japan is a very different matter. Japanese shares have taken a beating in wake of the Bank of Japan's (BoJ) refusal to opt for further monetary easing. While BoJ governor Haruhiko Kuroda expressed confidence in the state of the nation's economy, the impact of April's sales tax hike has yet to be seen.

Japan's Topix is down 2.1 per cent, with the Nikkei faring little better down by 1.9 per cent. The Hong Kong Hang Seng Index is up one per cent, while South Korea's Kospi has made gains of 0.1 per cent. The Shanghai Stock Exchange Composite Index is also up 0.1 per cent.