asian stock markets news today october 31 2011

asian stock markets news today october 31 2011 : Asian markets were trading mostly lower but shares in Japan rose after the government said that it intervened in the foreign exchange market to check the yen's gains.

After trading in negative territory early in the session, Japan’s Nikkei Stock Average swung back into the positive terrain on the yen move and ended the morning session with a 0.5% gain. The dollar-denominated MSCI Asia Pacific Index slid 1.7%, reflecting the weakness in the US currency.

The Nikkei in Tokyo was up ~0.5% at 9,096. The Hang Seng in Hong Kong was down ~0.2% at 19,977 while the Shanghai Composite index in China was down ~0.2% at 2,469. The Kospi in South Korea was down ~0.3% at 1,923 while the Taiex in Taiwan was down ~0.1% at 7,607.

The Straits Times in Singapore was down ~0.7% at 2,884. The S&P/ASX 200 index in Australia dropped ~0.6% at 4,326 while the NZX 50 index in New Zealand was up ~0.1% at 3,330.

Japanese Finance Minister Jun Azumi said today that the government took unilateral steps to weaken the yen.

The yen fell 2.6% to 110.14 per euro after Azumi said that he will act against speculation and plans to continue intervention until he is satisfied.

The Japanese currency rose last week even as the Bank of Japan (BOJ) unveiled measures that Governor Masaaki Shirakawa said were intended to respond to the appreciation and fallout from the European debt crisis. Exporters swung higher or cut losses in Tokyo after the intervention reports.

China’s Shanghai Composite Index fell 0.3%, halting a five-day rally, after Premier Wen Jiabao said that the nation will firmly maintain its property curbs.

The Australian dollar slipped 1.1% to US$1.0585. The central bank is forecast to cut interest rates by a quarter- percentage point to 4.5% on Tuesday, according to economists.

Despite the soft start to the new trading week, Asian stocks are on track for monthly gains ranging from 4.5% for the Nikkei Average to 13.3% for the Hang Seng Index.

World stocks gained during October in anticipation of a European plan to address its debt crisis. The plan was announced last Thursday although details remained sketchy.

Qantas said today that it will restart flights as soon as it has safety clearance. Qantas, which is embroiled in a battle with labor unions, grounded its entire fleet on Saturday.

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