Asian stocks climbed with emerging- market currencies in the region as China’s yuan headed for its biggest two-day gain in two years and crude oil extended declines. Australia’s dollar jumped a fourth day on better-than- estimated economic data.
Australia’s dollar climbed to the strongest in more than a week after data today showed the January trade surplus widened to the most in 2 1/2 years and retail sales rose three times faster than economists forecast.
The yen touched a one-week low against the dollar after a Japanese government advisory panel said the world’s largest pension fund no longer needs to focus on domestic bonds given quickening inflation.
Asian stocks climbed, with the regional benchmark index extending its biggest advance in a week, as telecommunications companies led gains. Japanese shares rose after an advisory committee said the world’s largest pension fund no longer needs to focus on domestic bonds.
The yen’s drop over the past year versus the euro will reverse, trading patterns suggest, as Russia’s intervention in Ukraine boosts haven demand at the expense of Prime Minister Shinzo Abe’s efforts to spur growth.
Two companies postponed domestic bond sales and yields on speculative-grade debt jumped the most since November after Shanghai Chaori Energy Science & Technology Co. warned of what would be China’s first onshore default.
Forest fires brought on by drought in Malaysia and Indonesia fouled air quality to unhealthy levels in parts of Southeast Asia, stoking concerns of a repeat of the haze that engulfed the region in June.