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The rally in Asian stocks was triggered by the announcement from the Bamboo Curtain country that it would end quarantine for incoming travelers overnight on January 8, 2023. China also downgraded its COVID cases to the less stringent category B from the top level of category A, according to Chinese health authorities. However, travelers entering China will still have to undergo PCR tests 48 hours before departure. On the other hand, arrangements for foreign travelers to come to China, such as for work and business, will be improved and necessary visas will also be facilitated.
In addition, on Monday, Japanese stocks also closed in positive territory led by a surge in technology and energy stocks. The Nikkei index rose 0.65% to 26,405.87, while the Topix index rose 0.24% to 1,902.52. Blue chip Fast Retailing, owner of the Uniqlo brand, rose 2.0% and chip equipment maker Tokyo Electron rose 2.22%. Air conditioner maker Daikin Industries rose 1.39%.
Meanwhile, higher oil prices pushed Idemitsu Kosan shares up 2.81%. A senior strategist at Daiwa Securities said that Japanese shares rose, boosted by U.S. equities last week, but trading was very quiet with most markets in the U.S. and Europe on Christmas holidays. On Tuesday, the Nikkei 225 index rose 0.29% and the Topix gained 0.47% as Japan saw retail sales rise for a ninth straight month, led by tourism.
CHECK THIS INFORMATION!Meanwhile, Japan's unemployment rate data, which fell to 2.5% in November, also supported the Nikkei's rise. Where job availability remained at its highest level since March 2020, government data showed on Tuesday. The decline in the unemployment rate indicates that companies can be more productive with an adequate number of employees. So that the company's productivity can grow more and help the company's performance or income, which ultimately sends the company's stock price up.
