The Japanese yen strengthened by midday after hitting 160 against the U.S. dollar on Monday as stocks in Asia-Pacific markets largely climbed.
The yen gained about 2% to trade around 155 after weakening to 160.03 earlier in the session. On Friday, the Bank of Japan left interest rates unchanged. Japan’s stock markets are closed for a public holiday.
In Hong Kong, the Hang Seng index advanced 95.76 points, or 0.5%, to 17,746.91.
Shares of shipping firms across Asia rose after U.S. Central Command announced it had engaged unmanned aerial vehicles over the Red Sea on Sunday.
Shares of Japanese shippers Nippon Yusen, Kawasaki Kisen and Mitsui OSK Lines climbed between 2.12% to 3.77%, while South Korean shipping line Hmm was up 5.5%.
Hong Kong-listed Cosco Shipping Holdings inched up 0.21%, but sister company Cosco Shipping Energy Transportation climbed 3.38%. Fellow heavyweight Orient Overseas (International), or OOIL, gained 3.45%.
CHINA
China’s official purchasing managers index for April is expected Tuesday ahead of the Labor Day holiday on Wednesday.
In Shanghai, the CSI 300 gathered 39.64 points, or 1.1%, to 3,623.91, hitting its highest level since Nov. 6, 2023.
In other markets
In Korea, the Kospi gained 31.11 points, or 1.2%, to 2,687.44.
In Singapore, the Straits Times Index inched up 1.95 points, or 0.1%, to 3,282.05.
In Taiwan, the Taiex index rumbled higher 375.01 points, or 1.9%, to 20,495.52.
In New Zealand, the NZX 50 index jumped 111.15 points, or 0.9%, to 11,916.24.
In Australia, the ASX 200 recovered 61.46 points, or 0.8%, to 7,637.38.
