An employee works at the Tokyo Stock Exchange. The Nikkei rose 1.23% or 171.91 points to 14,180.38 points yesterday.

AFP/Tokyo


Asian markets were mixed yesterday; with a rally on Wall Street giving Tokyo the impetus to claw back some of its losses in the previous session.
However the dollar slipped against the yen as investors remain on edge about the global economy, following a series of disappointing economic data and the Federal Reserve’s decision to reduce its stimulus programme.
Tokyo’s Nikkei, which slumped more than 4% on Tuesday, rose 1.23% or 171.91 points to 14,180.38. The index was boosted by a surge in Panasonic after the computer giant said it had swung back into profit.
Seoul rose 0.24%, or 4.47 points, to 1,891.32 but Sydney lost 0.53%, or 26.8 points, to close at 5,070.3. Hong Kong fell 0.60%, or 128.39 points, to 21,269.38 as it reversed initial gains.
Shanghai was closed for a public holiday. In other markets, Taipei tumbled 2.34%, or 198.09 points, to 8,264.48 in the first trading session following a week-long Lunar New Year holiday; Taiwan Semiconductor Manufacturing Co slipped 4.29% to Tw$100.5 while Hon Hai Precision fell 4.24% to Tw$81.3.
Wellington edged up 0.11%, or 5.32 points, to 4,807.94; Fletcher Building was up 0.22% at NZ$8.98 and telecoms infrastructure firm Chorus rose 2.2% to NZ$1.38. Manila climbed 0.38%, or 22.40 points, to 5,908.41.
Markets around the world have been sent into a tailspin in recent days following worse than expected manufacturing activity data from China and the US, suggesting softness in the global economy.
But Wall Street’s three main indices, which each saw losses of more than 2% at the start of the week, rebounded slightly on Tuesday on bargain buying and solid corporate results, including from fast food giant Yum Foods and fashion retailer Michael Kors. The Dow rose 0.47%, the S&P 500 added 0.76% and the Nasdaq climbed 0.86%.
Eyes are now on the release Friday of US non-farm payrolls data, which will give investors a better handle on the state of the world’s number two economy.
Last month’s results, showing the number of jobs created in December was less than half that expected, jolted markets as it suggested the economy was not as strong as expected just as the Fed began tapering its bond-buying stimulus.
On currency markets the dollar fell to 101.15 yen from 101.64 yen in New York on Tuesday. The greenback is well down from the five-year highs above 105 yen touched at the start of the year.
The euro bought $1.3515 and 136.73 yen against $1.3515 and 137.36 yen. Despite the stronger yen Japanese shares were higher, bolstered by a 19% jump in Panasonic. The electronics firm—recovering from combined losses topping $15bn in the past two fiscal years—said Tuesday its nine-month net earnings came in at 243.0bn yen, reversing a net loss of 623.8bn yen over the same period a year earlier.
Oil prices were higher. US benchmark West Texas Intermediate for March delivery rose 54 cents to $97.73 in afternoon trade while Brent North Sea crude for March added 27 cents to $106.05.