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Asian shares higher on positive US growth Nikkei leads Asia higher after surprise BOJ move
(about 3 hours later)
Asian shares were trading higher on Friday after positive economic data from the US showed strength in the world's largest economy. Japan led Asian shares higher after the Bank of Japan (BOJ) surprised markets by announcing more stimulus.
Data showed the US economy grew at an annual rate of 3.5% in the third quarter. The news came a day after the Federal Reserve announced the end of its monetary stimulus program. In an unexpected decision, the BOJ eased monetary policy on worries that lower oil prices would impact consumer prices.
Investors also awaited the outcome of the Bank of Japan's policy meeting. The central bank will increase the pace at which it expands base money to 80 trillion yen ($726bn; £454bn) a year, instead of 60-70 trillion yen.
In Japan, the Nikkei 225 was 1.4% higher at 15,882.07 in early trading. The benchmark Nikkei 225 was up 4.5% to 16,370.80 points after the news.
A slew of data out of Japan showing a weaker economy failed to dent investor sentiment. A slew of data out of Japan in the morning showing a weaker economy also failed to dent investor sentiment.
The country's annual core consumer inflation eased for a second straight month in September, while its jobless rate rose in the same period. Household spending also fell more than expected last month, adding to evidence that the central bank would probably maintain its massive stimulus programme.The country's annual core consumer inflation eased for a second straight month in September, while its jobless rate rose in the same period. Household spending also fell more than expected last month, adding to evidence that the central bank would probably maintain its massive stimulus programme.
Greater China shares followed the uptrend, with Hong Kong shares up 0.9% as the Hang Seng index rose to 23,913.69. Asian shares, meanwhile, were already up after positive economic data from the US showed strength in the world's largest economy.
On the mainland, the Shanghai Composite was up 0.3% to 2,397.82. Data showed the US economy grew at an annual rate of 3.5% in the third quarter. The news came a day after the Federal Reserve announced the end of its monetary stimulus program.
In Australia, the benchmark S&P/ASX 200 was up 0.6% at 5,509.50 points, following Wall Street's gains overnight. Greater China shares followed the uptrend, with Hong Kong shares up 0.9% as the Hang Seng index rose to 23916.54.
Shares in heavyweight miners BHP Billiton and Rio Tinto rose 0.6% and 1% respectively. On the mainland, the Shanghai Composite was up 0.9% to 2,412.55.
In South Korea, the Kospi was up 0.2% at 1,963.15 points after closing down 0.1% on Thursday. In Australia, the benchmark S&P/ASX 200 closed up 0.9% at 5,526.60 points, following Wall Street's gains overnight.
Shares in heavyweight miners BHP Billiton and Rio Tinto rose 0.8% and 1.8% respectively.
In South Korea, the Kospi was up 0.2% at 1961.85 points after closing down 0.1% on Thursday.