Asian markets mostly higher

Asian markets mostly higher

HONG KONG — Asian markets mostly rose Friday, with the dollar again breaking 120 yen while the euro held onto gains after the European Central Bank shied away from fresh stimulus measures.

An employee of a foreign exchange brokerage walks past a display showing the current exchange rate of the Japanese yen against the US dollar in Tokyo on Friday. (EPA photo)

Traders overcame early profit-taking, triggered by losses on Wall Street, ending the week on a high note ahead of the release of US jobs data.

Tokyo rose 0.19%, or 33.24 points, extending their winning streak for a sixth straight day to end at a new seven-year high of 17,920.45.

Shanghai climbed 1.32%, or 38.19 points, to 2,937.65 and Hong Kong added 0.71%, or 170.08 points, to 24,002.64, as investors pumped in vast amounts of cash in hope of fresh economy-boosting measures from China.

Seoul closed flat, edging up 0.01% to 1,986.62.

Sydney, however, closed 0.62% lower, dipping 33.5 points to 5,335.30 with energy firms hit by weak oil prices.

Regional shares have enjoyed a strong week, boosted by a slew of strong US economic data and several new record highs on Wall Street.

Friday's gains came despite disappointment that the European Central Bank refused to embark on any new stimulus at its policy meeting, even though it cut its already weak growth and inflation forecasts for the eurozone.

President Mario Draghi said fresh measures to kick-start the bloc's moribund economy -- similar to those already taken in Britain, Japan and the US -- were already being prepared in case the outlook worsened.

"Should it become necessary to further address risks of too prolonged a period of low inflation, the governing council remains unanimous in its commitment to using additional unconventional instruments," he said.

"This would imply altering early next year the size, pace and composition of our measures."

Mr Draghi stressed, however, that "early next year" did not necessarily mean the bank's next meeting in January.

The news dragged on Wall Street, where the Dow eased 0.07%, the S&P 500 dipped 0.12% and the Nasdaq declined 0.11%.

"Investors were looking for Europe to come with a grand plan. Every time they push it off," said Steven Rosen, a managing director at Societe Generale.

But it supported the euro, which had come under selling pressure ahead of the meeting, pushing it to $1.2380 and 148.27 yen in New York Thursday, from $1.2300 and 147.62 yen earlier in the day in Tokyo.

On Friday, the European single currency fetched $1.2380 and 148.78 yen.

In other foreign exchange trades, the dollar nudged back above the 120 yen mark after passing briefly it in London Thursday for the first time since July 2007.

The greenback was at 120.16 yen, up from its 119.77 yen level late in New York.

The dollar has enjoyed strong support against the Japanese currency thanks to a raft of data showing the US economy is on a recovery track, as well as the Bank of Japan's decision to ramp up its stimulus programme.

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