SINGAPORE – Asia-Pacific stocks rose in trade on Monday, with several North Asian markets closed for the Lunar New Year holidays.
In Japan, the Nikkei 225 exceeded 30,000 for the first time in more than 30 years, according to Refinitiv data. The last trade was 1.67% higher, while the Topix index gained 0.92%.
Government data released on Monday showed that Japan’s economy grew 12.7% year-on-year in October-December last year. The preliminary reading for the fourth quarter gross domestic product was higher than the median estimate of economists, with a gain of 9.5%, according to Reuters.
Kospi in South Korea also posted strong gains as it jumped 1.7%. Shares in Australia rose more, with the S & P / ASX 200 up 0.91%.
The largest MSCI index of Asia-Pacific equities outside Japan traded 0.63% higher.
Markets in China, Hong Kong, Taiwan, and the United States are closed for the holidays on Monday.
Oil prices are rising
Oil prices were higher in the afternoon trading hours in Asia, with international references to Brent crude futures rising 1.95% to $ 63.65 a barrel. Gross US futures rose 2.39% to $ 60.89 a barrel.
The US dollar index, which tracks the green dollar against a basket of its colleagues, was at 90.316, after weakening earlier this month from 91.2.
The Japanese yen traded at 105.01 per dollar, weaker than levels below 104.8 against the green dollar seen last week. The Australian dollar was at $ 0.7786 after rising last week from levels below $ 0.722.