(MENAFN- AFP) Asian markets mostly climbed on Monday, with Tokyo surging as the dollar pushes back towards the 100 yen mark after the G20 cautiously endorsed the Bank of Japan's huge stimulus measures.
Chinese shares dipped, however, as insurers suffered a sell-off after an earthquake struck Sichuan province, leaving more than 200 dead or missing and destroying villages.
Tokyo jumped 1.89 percent, or 251.89 points, to 13,568.37, while Seoul was up 1.03 percent, or 19.56 points, at 1,926.31. Sydney rose 0.70 percent, or 34.7 points, to 4,966.6.
Hong Kong added 0.14 percent, or 30.80 points, to 22,044.37 but Shanghai was 0.11 percent lower, shedding 2.47 points to 2,242.17.
The yen added to gains made in New York on Friday after the Group of 20 economic powers agreed that Japan's huge monetary easing measures unveiled this month were necessary to boost the country's stagnant economy.
In a statement following their meeting in Washington, G20 finance chiefs said the policy actions "are intended to stop deflation and support domestic demand".
Many countries, including the United States, have expressed concern that Japan could be deliberately trying to force the yen lower to boost exports and cut imports via "competitive devaluation".
But the G20, which includes the United States and Japan, called for more efforts to stimulate "strong, sustainable and balanced" growth globally, and took note of Japan's efforts towards that.
The dollar jumped in New York to 99.52 yen on Friday, from 98.23 yen the previous day.
In afternoon Asian trade it stood at 99.74 yen. The greenback is expected soon to break the 100 yen barrier, a level it has not seen since April 2009.
The euro fetched $1.3042 and 130.05 yen, against $1.3057 and 129.94 yen.
"The G20 effectively gave the green light for further yen weakness by supporting the aggressive easing by the Bank of Japan," National Australia Bank said in a note.
"However, the G20 did add that it would like to see Japan also detail the structural reforms it can take to further boost growth."
On Wall Street, the Dow ended flat, the S&P 500 jumped 0.88 percent and the Nasdaq added 1.25 percent.
In Shanghai, insurance firms weighed on the market after Saturday's quake, which flattened thousands of houses.
Ping An and China Life were among the losers, although construction companies were up slightly on speculation of short-term construction work.
Oil prices were mixed. New York's main contract, light sweet crude for delivery in May, added 39 cents to $88.40 a barrel in the afternoon and Brent North Sea crude for June delivery fell 15 cents to $99.50.
An ounce of gold fetched $1,420.73 at 0800 GMT, compared with $1,414.20 late Friday.
In other markets:
-- Taipei added 0.50 percent, or 39.58 points, to 7,970.38.
Taiwan Semiconductor Manufacturing Co. gained 1.88 percent to Tw$108.5 while leading chip design house MediaTek was 1.40 percent higher at Tw$363.0.
-- Manila surged 2.35 percent, or 163.38 points, to 7,120.48.
The index broke 7,000 points for the first time.
"You have a confluence of positives -- strong earnings and excess liquidity -- and what you have is a rampaging market," Jose Vistan of AB Capital Securities told Dow Jones Newswires.
SM Investment gained 2.22 percent to 1,150 pesos while BDO Unibank rose 2.6 percent to 92.56 pesos.
-- Wellington advanced 0.88 percent, or 39.16 points, to 4,438.66.
Chorus gained 3.41 percent to NZ$2.73, Telecom added 1.53 percent to NZ$2.57 and Air New Zealand was off 0.69 percent at NZ$1.43.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.