http://www.bloomberg.com/news/2014-02-18/asian-stocks-advance-for-third-day-before-boj-statement.html
Asian stocks rose, with the regional benchmark index poised for a three-week high, after the Bank of Japan maintained unprecedented asset purchases and boosted lending programs. Chinese shares fell as the central bank drained liquidity from the financial system.
Toyota Motor Corp. (7203), the world’s largest carmaker, climbed 2.6 percent in Tokyo as the yen slid. BHP Billiton Ltd., the world’s biggest mining company, rose 2.3 percent in Sydney after first-half profit jumped more than expected. China Minsheng Banking Corp. fell 1.1 percent in Hong Kong, pacing declines among mainland lenders.
The MSCI Asia Pacific Index added 0.9 percent to 137.55 as of 4:33 p.m. in Hong Kong, heading for its highest close since Jan. 24. Global equities erased this year’s losses after Janet Yellen’s first testimony to Congress as head of the Federal Reserve and China’s record lending buoyed optimism in the world’s largest economies.
“The broad market uptrend remains intact,” said Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital, which manages $131 billion. “Japan is in a unique situation as the BOJ continues to add stimulus, while the Fed is beginning to taper. Liquidity tightening in China shouldn’t be a concern as policy makers need to mop up excess liquidity. There’s enough credit available in China to support growth.”
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