March 21 (Bloomberg) -- Asian stocks rose, with the Topix Index climbing to the highest since 2008, as the Federal Reserve signaled no end to its record stimulus and investors speculated Japan’s new central bank governor will announce “bold” easing.
New Zealand’s dollar climbed, while oil slid. The MSCI Asia Pacific Index added 0.3 percent as of 9:43 a.m. in Tokyo. The Topix increased 1.2 percent after a public holiday. Standard & Poor’s 500 Index futures were little changed after the gauge yesterday snapped a three-day losing streak.
New Zealand’s kiwi strengthened 0.4 percent against the dollar as the economy grew at the fastest pace in three years.
Oil for May delivery retreated after the biggest advance in two weeks. The European Central Bank will probably delay a decision on continued support for Cyprus’s banks, two people familiar with the deliberations said yesterday.
Chairman Ben S. Bernanke said the Federal Reserve won’t reduce its record monetary stimulus until unemployment drops further. Japan’s new central bank governor Haruhiko Kuroda may announce a policy shift today at his first press conference, the Nikkei reported without attribution.
“If the Bank of Japan give details today such as announcing an increase of risk asset purchases, then the market is going to be very impressed,” said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co. in Tokyo.
“The Federal Reserve Bank said that it will keep easing while lifting Its economic outlook, which is a great situation for the stock market.”
New Zealand’s economy grew at the fastest pace in three years led by retailing and the rebuilding of earthquake-damaged Christchurch city. Gross domestic product rose 1.5 percent in the three months ended Dec. 31 from the previous quarter, exceeding the 0.9 percent median estimate in a Bloomberg News survey of 10 economists.
The kiwi traded for 82.57 cents. Japan’s exports dropped 2.9 percent in February from a year earlier, the Finance Ministry said in Tokyo today, exceeding an estimate for a 1.7 percent decrease.
