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Shares in Asia in positive territory on Tuesday Shares in Asia in positive territory on Tuesday
(about 5 hours later)
Shares in Asia were largely higher on Tuesday following a rally Europe and after Japan's shares finished 7% higher on Monday. Shares in Asia were higher on Tuesday following a rally Europe and a 7% rise for Tokyo on Monday.
After initially falling 1% in early trade, the benchmark Nikkei 225 was up 0.72% to 16,138.48 by late morning. After initially falling 1% in early trade, the Nikkei 225 closed up 0.2% at 16,054.43 points.
Analysts said the early morning falls were due to investors taking profits after the steep hikes a day earlier. Analysts said the early morning falls were due to investors taking profits after the steep rises a day earlier.
Shares in Japan's telecoms giant Softbank Group rose as much as 14% in early trade. Shares in Japanese telecoms giant Softbank Group rose nearly 16% after it announced a new share buyback.
The firm announced its biggest share buyback to-date in an attempt to shore up investor sentiment following a sharp fall in its latest quarterly profits. The firm announced its biggest share buyback to date late on Monday in an attempt to shore up investor sentiment following a sharp fall in its latest quarterly profits.
In China, markets rose, despite disappointing trade number released from the government on Monday. Rising China
The Shanghai Composite was up 2% to 2,801.17 points, while Hong Kong's Hang Seng index was up 1.5% to 19,201.96. In China, markets rose despite disappointing official trade numbers released on Monday.
Monday's comments from the head of China's central bank, Zhou Xiaochuan, aimed at easing concerns about falls in the country's currency reserves, saw the onshore yuan in its biggest daily rise since 2005 when the country dropped an official peg to the dollar. The Shanghai Composite closed at a three-week high, up 3.3% to 2,836 points, while Hong Kong's Hang Seng index was up 1% to 19,103 points in afternoon trade.
The onshore yuan is traded only in China and is controlled by Beijing. The offshore yuan is free of Beijing's control. Monday's comments from the head of China's central bank, Zhou Xiaochuan, aimed at easing concerns about falls in the country's currency reserves, helped the onshore yuan in its biggest daily rise since 2005 when the country dropped an official peg to the dollar.
The onshore yuan is traded only in China. The offshore yuan is free of Beijing's control.
Analysts said that investor sentiment had been boosted by Mr Zhou's comments, the yuan's rally and some hints from the government that new stimulus measures may be near.
"Trade balance was weak, and the export figures illustrate demand isn't there on a global basis," said Evan Lucas from IG Markets."Trade balance was weak, and the export figures illustrate demand isn't there on a global basis," said Evan Lucas from IG Markets.
"However, the Zhou effect cannot be ignored and the CNY [onshore yuan] fix coupled with his comments should settle the fear factor around an August 2015-styled devaluation.""However, the Zhou effect cannot be ignored and the CNY [onshore yuan] fix coupled with his comments should settle the fear factor around an August 2015-styled devaluation."
Elsewhere, South Korea's benchmark Kospi index was up 1.1% in line with regional sentiment - to 1,882.44 points. The country's central bank left its rates unchanged at a record low of 1.5%, which was widely expected. Elsewhere, South Korea's Kospi index closed up 1.4% to 1,888 points in line with regional sentiment. The country's central bank left interest rates unchanged at a record low of 1.5%.
After falling earlier, Australia's benchmark S&P/ASX 200 index had also moved slightly higher to be up 0.1% to 4,848.20 points. After falling earlier, Australia's ASX 200 index closed higher, up 1.4% to 4,910 points.