ASIAN stocks closed mostly higher

Asian stocks outside Japan rose after Chinese exports grew more than forecast. Japanese shares sank as the yen strengthened after the Bank of Japan maintained its stimulus policy.

The MSCI Asia Pacific excluding Japan Index gained 0.8% to 438.29, with nine of the 10 industry groups on the gauge advancing.

Japan’s Topix index fell 1.4% and the Nikkei 225 Stock Average dropped 1.6%, with both gauges reversing earlier gains. The BOJ kept policy unchanged, matching forecasts of economist surveyed by Bloomberg. Most analysts expect more stimulus in the next 10 months as central bank Governor Haruhiko Kuroda and his colleagues seek to achieve 2% inflation.

Hong Kong’s Hang Seng Index added 0.3% and China’s Shanghai Composite slid 0.3%. China’s overseas shipments gained 5.1% in July from a year earlier, topping forecasts for a 2% increase. They fell 3.1% in June.

Australia’s S&P/ASX 200 Index rose 1.1%, maintaining gains after a report showed the country’s unemployment rate remained at 5.7% in July.

South Korea’s Kospi index added 0.3% as the Bank of Korea left its benchmark interest rate at 2.5%, as predicted by all economists surveyed by Bloomberg. New Zealand’s NZX 50 Index lost 0.2%. Markets in Singapore, Indonesia and Malaysia are closed for holidays.

Raw-materials shares posted the largest gains on the MSCI Asia Pacific excluding Japan index. BHP Billiton climbed 1.2% and Rio Tinto, the second-largest mining company, added 1.5%. Jiangxi Copper Co., China’s biggest producer of the industrial commodity, rose 2.1%.

Kubota Corp. climbed 1.6% after profit at the Japanese tractor maker surged 50%, topping analyst forecasts. 

Telstra Corp. (TLS) gained 2.4% as Australia’s largest phone company posted earnings that beat analyst estimates after luring subscribers to its wireless services.

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