Asian stocks mixed despite BoJ stimulus

Asian stocks were mixed on Wednesday despite the Bank of Japan`s stimulus, yet as investors were reassured that central banks across the globe will not end their economic stimulus programs anytime soon, confidence returned to most Asian stocks.

- The MSCI Asia Pacific Index advanced 0.1% to 144.17 as of 15:24 in Tokyo

The BoJ kept monetary policy steady and raised its assessment of the economy citing rising exports and solid demand. Meanwhile, April’s trade figures revealed the negative impact of the yen’s weakness which raised import costs leading to a trade deficit.

- Nikkei 225 closed 1.60% higher at 15627.26

- Topix closed 0.44% higher at 1276.03

In Australia, stocks fell after caution advanced following a weak consumer sentiment report. Confidence fell in May on pessimism over the government`s budget announcement, creating a 3% loss for the nation`s largest department store Myer.

- S&P/ASX 200 closed 0.28% lower at 5165.37

- New Zealand’s NZX 50 closed 0.42% higher at 4610.18

China and Hong Kong`s stocks pared earlier gains as caution is rising ahead of the U.S. Federal Reserve chief Ben Bernanke`s testimony and before the release of China’s HSBC`s Flash PMI manufacturing data due on Thursday.

- Hong Kong’s Hang Seng closed 0.45% lower at 23261.08

- China’s Shanghai Composite Index closed 0.11% lower at 2302.40

The South Korean stocks rose on Wednesday ending a three-day losing streak after the country’s exports for April came in flat from a year earlier, soothing fears that the impact of the yen`s weakness was less severe than expected.

- Kospi closed 0.64% higher at 1993.83