Asian stocks rose, paring the biggest weekly drop in more than a month, as the yen halted a five-day advance while speculation grew that the UK will not vote to leave the EU.
The MSCI Asia Pacific Index rebounded 0.7 percent to 126.44 as of 4:23pm in Hong Kong. The gauge headed for a weekly loss of 2.9 percent amid concerns over central bank policies and anxiety over the possibility of a “Brexit.”
The killing of a UK lawmaker on Thursday prompted speculation that Britons could be more inclined to vote to stay in the EU in next week’s referendum.
“The dollar-yen market has calmed somewhat,” said Shunichi Otsuka, general manager of research and strategy at Ichiyoshi Securities Co in Tokyo. “The fact that US shares have risen is also a tailwind for Japanese equities.”
The TAIEX gained 0.87 percent on Friday to close at 8,568.08, down from 8,715.48 on Wednesday last week, before market closures for the Dragon Boat Festival holiday.
Inotera Memories Inc (華亞科技) jumped 9.9 percent after the US’ Micron Technology Inc said the delay in its acquisition of the Taiwanese chipmaker has nothing to do with financing and that it is working with Inotera to address issues that will allow the quick completion of the deal.
The TOPIX pared its biggest weekly loss in four months after Japanese Minister of Finance Taro Aso escalated his concern about the surge in the yen, calling for coordination with his counterparts to address what he described as disorderly moves in foreign-exchange markets.
The Bank of Japan, Bank of England and Swiss National Bank kept interest rates unchanged after the US Federal Reserve reined in its projection for rate increases this year as policymakers cited worries about the potential damage caused by Brexit as a factor in their decisions.
Indonesia’s central bank unexpectedly cut its benchmark interest rate for the fourth time this year late on Thursday, indicating its willingness to support economic growth in the face of mounting global risks.
Both sides of the acrimonious debate over whether the UK should quit the EU suspended campaigning for a second day on Friday after the murder of Labour lawmaker Jo Cox, a strong advocate for voting to stay in next week’s referendum. Cox, 41, was shot dead in the town of Birstall, England, in the early afternoon on Thursday.
Japan’s TOPIX jumped 0.8 percent as the yen weakened after surging 1.7 percent on Thursday.
The gauge slumped 2.8 percent on Thursday as the Bank of Japan opted to keep policy unchanged. The TOPIX lost 6 percent for the week, the worst weekly performance since mid-February.
Chinese stocks trading in Hong Kong rebounded, paring this week’s loss. The Hang Seng China Enterprises Index climbed 0.9 percent, while the Shanghai Composite Index increased 0.4 percent. Hong Kong’s benchmark Hang Seng Index added 0.7 percent.
South Korea’s KOSPI increased 0.1 percent. Australia’s S&P/ASX 200 Index climbed 0.3 percent. New Zealand’s S&P/NZX 50 Index lost 0.6 percent. Singapore’s Straits Times Index rose 0.1 percent.
Additional reporting by staff writer
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