Asian markets mostly stronger

Asian-Pacific stock markets mostly saw gains on Tuesday, following positive momentum from Wall Street, as investors awaited the release of China’s April manufacturing PMI. Japan’s Nikkei 225 rose by 1.05%, with the broader Topix index also up nearly 2% after a public holiday. This came despite Japan’s retail sales in March growing slower than expected and a slight uptick in unemployment.

The Japanese yen experienced volatility, dropping to a record low of 160.03 against the dollar before recovering to around 155. This followed reports from The Wall Street Journal that Japan had intervened in the currency market, selling U.S. dollars and buying yen to stabilize the currency.

In China, the official manufacturing PMI for April indicated a slight deceleration in growth, recording a 50.4, which still surpassed Reuters’ predictions. Meanwhile, Hong Kong’s Hang Seng index remained nearly unchanged, and China’s CSI 300 index dropped slightly by 0.27%. South Korea’s Kospi increased by 0.54%, although the country reported a significant decline in factory output in March, the largest decrease in over a year.