Asian Markets Mostly Higher; Nikkei Rallies

Asian stock markets were mostly higher Monday with the Nikkei rallying as the yen moved lower after a weekend meeting of G20 nations refrained from commenting on Japan’s recent policy measures that have weakened its currency.
The Nikkei gained 2%. The Shanghai Composite was down 0.3% while the Hang Seng slipped 0.4%. The Sensex edged up 0.3% and the S&P/ASX All Ordinaries rose 0.5%.
The yen was down to 94.08 versus the U.S. dollar by mid-day, above the 33-month low of 94.465 struck last week Monday.
The Nikkei has surged in recent weeks since the country’s new Prime Minister Shinzo Abe has adopted more aggressive fiscal and monetary policy steps to deal with Japan’s deflation.
Stocks on the Move
Stocks gained across sectors with financials, auto shares and real estate among the top gainers.
Mitsubishi UFJ Financial Group advanced 4.5% while automakers Toyota and Honda Motor Company gained 1.4% and 1.9% each, respectively.
The country’s top three banks gained after a Nikkei report said they topped the 2012 global rankings for infrastructure and resource-project financing.
Mitsubishi Estate picked up 4.2%.
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