Asian stocks head for highest close since May on BOJ

18:09, 19 September 2012

LONDON. September 19. KAZINFORM Asian stocks rose, with a regional benchmark index poised to close at the highest level since May, as the Bank of Japan boosted asset purchases, joining moves by the Federal Reserve last week to stimulate economic growth.

JFE Holdings Inc. (5411) , Japan 's second-biggest steelmaker, climbed 2.1 percent after the BOJ moved to prevent a rising yen from undermining an economic recovery. Nissan Motor Co. advanced 3.7 percent, recovering some of yesterday's losses, as the carmaker resumed production in China after violent protests targeting Japanese companies in a dispute over control of a group of islands. Japan Airlines Co. rose 1.1 percent on its first day of trading following the largest initial public offering since Facebook Inc, Bloomberg reports.

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A Japan Airlines Co. (JAL) aircraft approaches to land at Haneda Airport in Tokyo. The MSCI Asia Pacific Index gained 0.1 percent to 123.23 at 9:10 a.m. in Tokyo, before markets in China and Hong Kong open, as three shares advanced for every two that fell.

The MSCI Asia Pacific Index (MXAP) rose 0.6 percent to 123.79 as of 7:13 p.m. in Tokyo , poised for the highest close since May 4. More than two stocks advanced for each that fell. The gauge gained 8.1 percent this year through yesterday amid speculation central banks will step up measures to support economic growth.

"The BOJ seems to have gone above and beyond," said Soichiro Monji , chief strategist at Tokyo-based Daiwa SB Investments Ltd., which manages the equivalent of about 5 trillion yen ($64 billion). "I didn't expect them to move this time."