Investing.com - Most Asian stocks climbed Monday following the
most recent U.S. jobs. The U.S. Labor Department said last Friday
that employers in the world's largest economy added 155,000 new
jobs last month, narrowly topping economists' expectations. The
unemployment rose modestly to 7.8% from 7.7%.
In Asian trading Monday, Japan's Nikkei 225 fell 0.34% despite more
supportive comments about monetary easing from newly elected Prime
Minister Shinzo Abe. Abe reiterated his view that the Bank of Japan
must take "bold" action to suppress the yen and raise its inflation
target to 2%. The central bank is scheduled to meet on January 22
with traders widely expecting BoJ will raise its inflation target
of 1% to match that of Abe's at 2%.
In a report, Bank of Japan said that Japan's Monetary Base rose to
11.8%, from 5.0% in the preceding month.
Analysts had expected Japan's Monetary Base to rise to 5.3% last
month. The monetary base is closely linked to interest rates
although Japan's interest have hardly any room to move lower.
Hong Kong's Hang Seng added 0.06% while the Shanghai Composite
climbed 0.17%. South Korea's Kospi fell modestly following press
reports that indicated the Bank of Korea will not cut interest
rates in the near-term despite a rising won, which could crimp
profits for that country's exporters.
Among other issues this week, traders will turn their attention to
the looming debt ceiling debate and monetary policy decisions by
the European Central Bank and the Bank of England. Of course, the
looming debate on the U.S. debt ceiling will come into focus as
Following the contentious fiscal cliff debate, markets may be
anticipating more of the same when it comes to the debt ceiling.
Congressional Republicans have already signaled they will not move
forward with a debt ceiling plan unless they secure a commitment
from President Obama to significantly reduce government spending.
Elsewhere, Australia's S&P/ASX 200 lost 0.1% while New
Zealand's NZSE 50 added 0.24%. Singapore's Straits Times Index rose
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