Asian Markets Up in Holiday-Thinned Trade

Asian shares have traded in the positive territory as Japan and South Korea reopened after holidays while some other major Asian bourses remain closed for public holidays.

Japan's Nikkei 225 Stock Average and Australia's S&P/ASX 200 Index gained 2.3 percent and 0.1 percent respectively.

South Korea's Kospi and New Zealand's NZX 50 Index were little changed.

The MSCI Asia Pacific Index rose 0.4 percent to 132.99 as of 11.20 am in Tokyo.

Nikkei lead the gain among the Asian peers in a holiday-thinned trade as it cheered the comments of Haruhiko Kuroda, head of the Asian Development Bank and one of the potential candidatesfor the position of BoJ head, justifying the cause of further stimulus measures for the ailing economy.

A weak yen also lifted the investor sentiments as it slipped to 94.46 per dollar, its lowest level since May 2010. Earlier, the US Treasury official Lael Brainard praised Japan's efforts to boost growth indicating support for the country's monitory easing policies at the upcoming G20 meeting.

Elsewhere, the S&P 500 futures were little changed after it closed 0.1 percent lower in the past session, its first drop after a six-week rally. The index was at its highest level since November 2007 with 6.3 percent gain in 2013 itself following the positive turn of events such as a budget compromise and better-than- expected corporate earnings.

The Dow closed 0.16 percent lower while Nasdaq ended flat in the previous trading session.

Major Movers in Asia

In Tokyo Canon was up 3.1 percent and Dentsu Inc jumped 8 percent as it posted a 24 percent rise in nine-month operating profit. Nissan shares dropped 4 percent as Japan's second-biggest car maker reported drop in sales in China that resulted in lower-than-expected results for the third quarter. However, its rival Toyota gained 2.6 percent to 5,020 yen.

In Sidney, Whitehaven Coal Ltd., Australia's second-biggest independent coal producer rose 8.8 percent to A$3.22 after winning a condition approval for a mining project.

Stock markets in China, Hong Kong, Taiwan, Singapore, Vietnam and Malaysia remain shut for Lunar New Year holidays.