Japan stocks lift Asian market higher after US retail data boosts Wall Street

Japanese stocks led the gains in Asian markets Friday after Wall Street rallied to one of its best days of the year as data showed the U.S. economy isIn Tokyo, the Nikkei 225 ended a week of gains with the index surging 3.6% to 38,062.67. It rebounded from the large selloff last week, where the higher interest rate from the Bank of Japan made investors who had borrowed in yen and invested in dollar assets sell their holdings to cover the higher costs in the “carry trades” deals.

Chinese central bank governor Pan Gongsheng said in an interview with Chinese state media on Thursday that it is developing new policies aimed at supporting economic growth in the second half of the year. These include accelerating improvements to the central banking system and placing greater emphasis on the financial technology market.Meanwhile, e-commerce giants’ reports also drew investors’ attention, with the tech giant Alibaba Group Holding seeing revenue grow 4% in the second quarter.

On Thursday, the S&P 500 jumped 1.6% for its fourth-best day of the year and its sixth straight gain as the U.S. stock market rights itself following. It’s back to within 2.2% of its all-time high set last month after briefly falling close to 10% below it.The Dow Jones Industrial Average rose 1.4%, while the Nasdaq composite burst 2.3% higher as Nvidia and other Big Tech stocks recovered more of their stumbles from the past month.

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