Japan’s stocks led Asian markets higher on Wednesday, ahead of the conclusion of the U.S. Federal Reserve’s policy meeting.
Japanese exports rose 18.4% from a year earlier in November, overshooting expectations for a 17.3% rise. That marked the ninth consecutive month of increase, as manufacturers benefited from a weaker yen brought about by Prime Minister Shinzo Abe’s pro-growth strategies. A recovery in exports is important for the country’s economy ahead of a planned sales-tax increase in April.
In addition, the dollar moved higher against the yen on speculation that Abe may make a growth-strategy announcement in a speech on Thursday.
The yen weakened, helping to support a 1.3% gain in the Nikkei Average .
In Tokyo, Sony underperformed the broader market and was up just 0.2% after a Nikkei report said the company is considering investing an additional ¥30 billion ($292.2 million) in a semiconductor facility that it intends to buy from Renesas Electronics Corp.. Renesas shares were recently up 2.1%.
Meanwhile, shares of Rohm Co. jumped 2.2% after the electronics-components maker said it expects ¥5.24 billion in extraordinary profit in the fourth quarter from the sale of properties in Tokyo to Daiwa House Industry Co.
On Wednesday, most markets rose. South Korea’s Kospi gained 0.3%, Indonesia’s JSX was up 0.5% while Australia’s S&P ASX 200 lost 0.1%.
BHP Billiton Ltd. up 1%, Rio Tinto Ltd. adding 1.4%, and Fortescue Metals Group Ltd. ahead by 1.6%.
Gold miners, however, were mostly lower after a more than 1% drop for Comex gold futures overnight. Newcrest Mining Ltd. lost 0.7%, Kingsgate Consolidated Ltd. fell 1.5%, St. Barbara Ltd. dropped 3.6%, though Evolution Mining Ltd. rose 0.9%.
In China, stocks were mixed. Hong Kong’s Hang Seng Index rose 0.6% and the Shanghai Composite was down less than 0.1%.
In Hong Kong, Kunlun Energy Co. fell 2% after the firm said on Tuesday that a top executive had stepped down as chairman due to “personal matters.”
Property issues were mixed following the housing report, which included a 9.9% rise in new-home prices in major mainland Chinese cities on a year-over-year basis.
Sun Hung Kai Properties Ltd. rose 1% and Sino Land Co. gained 0.8%, while Evergrande Real Estate Group Ltd. shed 0.3%.
Elsewhere, shares of China Mobile Ltd. were off 0.3%. The mobile carrier could this week unveil a deal to sell Apple Inc.’s iPhones, according to The Wall Street Journal.
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