Stock markets in Asia settled mostly higher on Monday as the yen retreated in early trading and as stocks in China returned from a week long Lunar New Year holiday.

The benchmark Nikkei 225 index closed up 234 points or 2.10% at 11,407 in Tokyo as traders breathed a sigh of relief that G20 officials chose not to single out Japan as intentionally weakening the yen.

Global finance chiefs indicated that Japan still has scope to boost its economy but it should not publicly support a sliding yen. Markets had widely anticipated that G20 leaders would scrutinise Japan's policies surrounding currency manipulation. However the lack of direct criticism of Japanese FX policy spurred a yen sell-off early on Monday and sparked interest in Japanese exporters.

The dollar changed hands at ¥93.97 compared to ¥93.52 in late US trading on Friday.

Amongst the movers, shares of tyre maker Bridgestone leapt 2.8% ahead of its earnings after the bell in Tokyo. The group said fourth quarter net profit more than doubled from the previous year.

It also predicted a better than expected rise in annual profit as it benefits from falling material costs, rising production and the weaker yen.

Japan banks also put in a strong performance with Mitsubishi UFJ Financial piling on 4.9%. Mizuho Financial advanced 4.1% while Sumitomo Mitsui Financial jumped 5%.

Elsehwere in Hong Kong, the Hang Seng fell 62 points or 0.3% at 23,381 in Hong Kong as investors offloaded resource stocks.

Shares of oil giant PetroChina dropped 1.1%, Aluminium Corp of China surrendered 1.7% and Jiangxi Copper lost 3.8%.

US markets are closed on Monday for the Presidents' Day holiday. Also of note, later today, is European Central Bank President Mario Draghi's quarterly testimony to the European Parliament.



CJ

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