Market Updates
Asian Markets Rebound, Japan and China Move to Curb Currency Speculation
Arjun Pandit
27 Sep, 2022
Mumbai
Asian markets closed higher in a cautious trading as indexes in Japan and China rebounded but in India and Australia edged lower.
The Nikkei 225 index increased 0.5% to 26,571.87, while the broader Topix closed 0.5% higher at 1,873.01.
The Bank of Japan carried out an unscheduled operation to curb currency speculation and control the rapid decline in yen and Finance Minister Sunichi Suzuki cautioned currency traders to avoid speculative bets.
The People's Bank of China injected more liquidity to financial system and dampen the rising stress in dollar-renminbi trades.
The central bank added $24.7 billion in the repo market ahead of the end of the quarter.
The Sensex index in India edged down for the fifth day in a row and fell 37.70 points or 0.07% to 57,107.52 and the Nifty index 8.90 points or 0.05% to 17,007.40.
The Indian economy is one of the few bright spots in the world, most developed economies are heading to a recession and emerging markets are battling sharp currency devaluations.
A mix of global economic slowdown and elevated inflation has kept investors on edge in India, despite the encouraging domestic economic scenario.
Moreover, India is expected to benefit as more companies look to relocate from China and diversify their manufacturing base.
The Shanghai Composite Index jumped 1.4% to 3,093.86, while Hong Kong's Hang Seng Index gained fractionally to close at 17,860.31.
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