Investing.com – Asian stocks were mixed on Wednesday, with the Nikkei jumping more than 2% after Japan intervened in currency markets for the first time in 6 years to arrest gains which threatened the country's largely export driven economy.
Hong Kong's Hang Seng Index was down 0.22%; South Korea's Kospi Composite gained 0.48%; while Japan’s Nikkei 225 Index jumped 2.34%.
Earlier in the day the yen tumbled 2.46% against the U.S. dollar after Japan's finance minister said the country had sold yen but did not specify the level of the intervention.
The country's chief cabinet secretary said that he believes that the finance minister considers 82 yen per dollar to be a desirable level, in order to prevent the yen's strength from harming the economy.
Following the intervention Japanese exporters surged ahead with shares in electronics giant Sony leaping 4.09% while digital camera makers Canon gained 1.86%.
Auto-makers also posted sharp gains with Toyota Motors up 3.83% and Mitsubishi Motors up 2.75%. Meanwhile, Honda Motors advanced 3.50% and Nissan shares surged 3.0%.
Elsewhere in Asia, shares struggled amid uncertainty over future dollar-yen moves.
The outlook for European equity markets, meanwhile, was downbeat: EURO STOXX 50 futures indicated a fall of 0.05%, France’s CAC 40 futures pointed to a flat open and Germany's DAX futures indicated a decrease of 0.02%.
Later in the day the U.S. was to release official data on manufacturing and industrial production.
Hong Kong's Hang Seng Index was down 0.22%; South Korea's Kospi Composite gained 0.48%; while Japan’s Nikkei 225 Index jumped 2.34%.
Earlier in the day the yen tumbled 2.46% against the U.S. dollar after Japan's finance minister said the country had sold yen but did not specify the level of the intervention.
The country's chief cabinet secretary said that he believes that the finance minister considers 82 yen per dollar to be a desirable level, in order to prevent the yen's strength from harming the economy.
Following the intervention Japanese exporters surged ahead with shares in electronics giant Sony leaping 4.09% while digital camera makers Canon gained 1.86%.
Auto-makers also posted sharp gains with Toyota Motors up 3.83% and Mitsubishi Motors up 2.75%. Meanwhile, Honda Motors advanced 3.50% and Nissan shares surged 3.0%.
Elsewhere in Asia, shares struggled amid uncertainty over future dollar-yen moves.
The outlook for European equity markets, meanwhile, was downbeat: EURO STOXX 50 futures indicated a fall of 0.05%, France’s CAC 40 futures pointed to a flat open and Germany's DAX futures indicated a decrease of 0.02%.
Later in the day the U.S. was to release official data on manufacturing and industrial production.