Asian stocks were seen swinging in between gains and losses on Thursday, as the Japanese yen weakened against the greenback.
The Japanese benchmark Nikkei 225 Stock Average gained 1.1% to 18,785.79, a 15-year high; while Tokyo’s Topix Index rose 0.9% to 1,521.68 after Goldman Sachs raised its 12-month target price for the Topix to 1,700. The yen weakened against the US dollar, trading around 119 yen on Thursday, compared to 118.80 yen on Wednesday.
The weaker yen boosted gains for some of the region’s exporters, with Casio Computer adding 2.2%, Isuzu Motor rose 2.4, Nissan Motor was up 1.7% and Mitsubishi Motors gained 1%. On the downside, Pioneer and Fujitsu lost 0.8% each.
China’s benchmark Shanghai Composite declined 0.31% to 3,218.79 points, while Hong Kong’s Hang Seng Index eased 0.19% to 24,731.62 points during the early trading hours.
The South Korean Kospi Index was down 0.21% to 11,986.26 points, while the Australia’s S&P/ASX 200 Index edged 0.44% lower to 5,918.70 points.
Stocks in the European region opened Thursday’s session flat before Germany’s unemployment data and UK’s GDP report due later in the day.
Euro’s Stoxx 50 climbed 0.05% to 3,543.48, while Germany’s DAX 30 Index gained 0.04% to 11,210.27 at the time of writing. At the same time, the UK’s benchmark FTSE 100 lost 0.01% to 6,934.82 and the French CAC 40 Index rose 0.08% to 4,886.82.
Germany’s jobless report due later in the day is expected to show a decline in the number of unemployed citizens in February by 10,000, after falling by 9,000 in the previous month.
Germany’s unemployment rate is forecasted to remain unchanged at 6.5% on a monthly basis.
The Office of National Statistics is due to released the UK’s DGP report, which is projected to show an expansion by 0.5% in the fourth quarter on a monthly basis and on an annual basis a growth of 2.7% is forecasted.