Stocks in Tokyo led gains among Asian markets on Monday after sentiment was boosted by a surprisingly strong US jobs report on Friday.
The Labor Department reported an unexpected acceleration in US job creation in October. The economy added 204,000 non-farm payrolls, ahead of a revised 163,000 increase the month before. October's figure was also well above the 120,000 expected by most analysts.
While the data lifted confidence about the underlying health of the US economy, it also increased expectations that the Federal Reserve could start tapering its $85bn bond-buying programme before the end of 2013.
The Nikkei 225 index advanced 183 points at 14,269 in Tokyo while the Hang Seng rallied 1.43% or 325 points at 23,069 in Hong Kong, its first gain in six sessions.
Renewed confidence in the pace of the US economic recovery boosted the dollaragainst the Japanese yen and, in turn, increased demand for Japanese exporters. The Japanese currency was trading at its lowest level against the dollar since mid September.
Meanwhile investors mulled a string of Chinese data over the weekend including consumer price inflation for October. It came in a touch below expectations at 3.2% year-on-year. However, producer prices declined 1.5% year-on-year last month compared to forecasts for a 1.4% drop.
Industrial production data came in stronger than expected for October, rising 10.3% year-on-year.
Source: LiveCharts
The Labor Department reported an unexpected acceleration in US job creation in October. The economy added 204,000 non-farm payrolls, ahead of a revised 163,000 increase the month before. October's figure was also well above the 120,000 expected by most analysts.
While the data lifted confidence about the underlying health of the US economy, it also increased expectations that the Federal Reserve could start tapering its $85bn bond-buying programme before the end of 2013.
The Nikkei 225 index advanced 183 points at 14,269 in Tokyo while the Hang Seng rallied 1.43% or 325 points at 23,069 in Hong Kong, its first gain in six sessions.
Renewed confidence in the pace of the US economic recovery boosted the dollaragainst the Japanese yen and, in turn, increased demand for Japanese exporters. The Japanese currency was trading at its lowest level against the dollar since mid September.
Meanwhile investors mulled a string of Chinese data over the weekend including consumer price inflation for October. It came in a touch below expectations at 3.2% year-on-year. However, producer prices declined 1.5% year-on-year last month compared to forecasts for a 1.4% drop.
Industrial production data came in stronger than expected for October, rising 10.3% year-on-year.
Source: LiveCharts
