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Asian shares higher on back of US momentum Chinese stocks hit fresh seven year high
(about 6 hours later)
Asian shares were mostly higher on Friday, gaining momentum from Wall Street, where shares hit a new high. Mainland Chinese stocks hit fresh seven year highs on Friday and looked set for their biggest weekly gain in two months as the market continued to rally.
The S&P 500 closed up 0.2% to a new all-time record after weak US data on home sales, manufacturing and business activity appeared to shoot down plans of an interest rate rise in June. The Shanghai Composite was 2.7% higher to 4,652.63, while Hong Kong's Hang Seng index was up 1.7% to 27,995.54.
Japan's Nikkei 225 index was down 0.1% to 20,178.29, bucking the region's trend. The mainland index had hit a seven-high on Thursday on hopes of more stimulus from the government after a private survey showed more weakness in the vast manufacturing sector.
Investors were cautious ahead of the conclusion of the central bank meeting. The rest of Asia was also higher.
The Bank of Japan is expected to leave interest rates and its policy unchanged. Markets gained momentum from Wall Street, where shares hit a new high.
The dollar was at 121.03 yen, lower than 121.07 yen in New York trade. The S&P 500 closed up 0.2% to a new all-time record after weak US data on home sales, manufacturing and business activity appeared to quash plans of an interest rate rise in June.
Toshiba shares were down 0.3% after media reports that the tech firm would expand its accounting probe to other operations with a focus on its TV, computer and chip businesses. Japan's Nikkei 225 index closed up 0.3% to 20,264.41 after the Bank of Japan's decision to keep interest rates and its policy unchanged, as widely expected.
Toshiba shares closed up 0.4% despite the tech firm saying it would expand an accounting probe to other operations with a focus on its TV, computer and chip businesses.
The company has already said that it is investigating bookkeeping irregularities for some infrastructure projects.The company has already said that it is investigating bookkeeping irregularities for some infrastructure projects.
China leads gains In Australia, the S&P/ASX 200 ended flat at 5,664.7.
Chinese shares led the region's gains with the Hang Seng index up 1% to 27,805, while the Shanghai Composite was higher 1.3% to 4,587.43. South Korea's benchmark Kospi index closed up 1.1% at 2,146.1 - the sharpest daily gain in a month.
The mainland benchmark hit a seven-high on Thursday on hopes of more stimulus from the government after a private survey showed more weakness in the vast manufacturing sector.
In Australia, the S&P/ASX 200 was higher by 0.1% to 5,666.5 points.
South Korea's benchmark Kospi index was up 0.3% to 2,129.81.