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Earnings, Inflation Outlooks Lift Asian Stock Markets

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Last updated: 01/25/2023 05:31:38

05:31 AM EST, 01/25/2023 (MT Newswires) -- Asian stock markets broadly finished in the green Wednesday, although trading was still thinned by holiday closures as exchanges in China, Hong Kong and Taiwan remained shuttered for the Lunar New Year.

In Japan, the Nikkei 225 opened evenly but gained in the afternoon, closing up 0.4% as a softening Japanese yen boosted export issues. Auto-battery component makers gained on earnings.

The benchmark Nikkei 225 rose for the fourth straight trading day, up 95.82 to 27,395.01, as gaining issues outnumbered losers 175 to 45.

Leading the upside were conglomerate Dai Nippon Printing (DNPCF, 7912:Tokyo), up 14.8% on media reports that activist investor Elliot Management has taken a stake.

In other news, Japan is considering upgrading its relations with the Association of Southeast Asian Nations (ASEAN) to a comprehensive strategic partnership, Masahiko Kiya, Japan's ambassador to ASEAN, told Nikkei Asia.

On the other exchanges, the South Korean KOSPI rose 1.4%; the Australian ASX 200 declined 0.3%; the Singapore Straits Times Index rose 1.8%, and the Thai Set was flat. In late trading in Mumbai, the Sensex was off 1.3%.

In other news, the Bank of Thailand raised its policy rate by 0.25% to 1.50%, citing high inflation rates. The central bank has a target headline annual rate of inflation of 1% to 3%. The bank also said the return of Chinese tourists will boost the domestic economy in 2024.

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