Asian shares logged moderate gains on Thursday after Wall Street stabilized following a sell-off in tech stocks the day before.
Tokyo’s Nikkei 225 JP:NIK rose 1% after the Bank of Japan wrapped up a policy meeting with no major changes, maintaining its near-zero interest rate stance despite a sharp weakening of the yen against the dollar and rising costs for many imported commodities.
Chinese benchmarks recovered from sharp drops as officials highlighted efforts to counter the impact of pandemic shutdowns in many cities.Strict lockdown measures in China have added to concerns about slowing growth because of damage to the world’s second-largest economy. The flow of industrial goods has been disrupted by the suspension of access to Shanghai, home of the world’s busiest port, and other industrial cities including Changchun and Jilin in northeast China.
Wall Street ended Wednesday with a lackluster finish as traders braced for more earnings reports from major U.S. companies this week.
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