ASIA MARKETS: Japanese Stocks Close At Fresh 15-year High After BOJ Decision

By Laura He, MarketWatch

Shanghai stocks end above 3,500 for first time in nearly 7 years

HONG KONG (MarketWatch) -- Japanese stocks scored a new 15-year closing high on Tuesday, after the Bank of Japan stood pat on its monetary policy and indicated it is still confident inflation will resume an upward trend without additional easing.

The Nikkei Average climbed 1% to close at 19,437, the highest since April 2000. The broader Topix advanced 0.8%.

The yen (USDJPY) weakened a little versus the dollar to Yen121.42, compared with Yen121.33 late Monday in New York.

Earlier in the day, the BOJ left its massive asset-buying program unchanged (http://www.marketwatch.com/story/bank-of-japan-stands-pat-on-policy-2015-03-16)and maintained its view that Japan's economy has "continued its moderate recovery trend." The central bank said consumer inflation might move "around zero percent" for the time being due to declining energy prices. However, it remains confident price growth will begin rising again later in the year without additional stimulus.

Among market movers, electronics giant Hitachi Ltd. jumped 4.3%, and machinery maker Mitsubishi Heavy Industries Ltd. gained 1.8%, after a Nikkei report said the two companies were seeking to lift return on equity. Likewise, natural-gas provider Tokyo Gas Co. Ltd. climbed 2.3% as another Nikkei report suggested the company would buy back shares to increase shareholder return.

Elsewhere in Asian markets, Shanghai stocks closed above the 3,500 mark for the first time in nearly seven years, as the Shanghai Composite Index settled 1.6% higher at 3,502.85. The index also posted a five-day winning streak.

Seoul and Sydney shares also recorded gains, with the Kospi Composite Index jumping 2.1% and the S&P/ASX 200 rising 0.8%.

   However, Hong Kong stocks edged lower, as the Hang Seng Index   slipped 0.2%. 
 

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