Asian stocks rose on Monday as optimism over China’s reopening balanced concerns that the Bank of Japan (BOJ) may ease its massive stimulus. The yen soared to its highest level since May, spooking local markets, with Japan’s Nikkei down 1.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%, with hopes of an early reopening in China propelling the index up 4.2%. The yuan hit its highest level since July, with EUROSTOXX 50 futures up 0.6%. The Bank of Japan is under pressure to defend its new yield cap amid speculation it will change its yield curve control policy. The dollar was at its lowest since May, while gold rose 2.9% to its highest since April. Oil prices rose on hopes that the imminent reopening of China will boost demand. Earnings season is in full swing and the World Economic Forum in Davos will feature speeches from a number of central bankers.
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: Reuters
