Asia higher as sentiment remains upbeat
- Shares are higher across Asia as markets are still riding high following a string of upbeat news including a fast Chinese August export report, a sharp upward revision to Japan's Q2 GDP print, and a 2020 Olympic nod for Tokyo.
- Also bolstering sentiment is the prospect of a non-military solution to the Syrian crisis.
- The Nikkei is 0.9% higher, as construction firms add to gains on the prospect of increased infrastructure spending tied to the Olympics.
- Elsewhere: Shanghai Composite +0.33% , ASX +0.45% , Kospi +0.5% , Hang Seng +0.7%
- Bank of Japan minutes show members concerned about fiscal policy
- Taking a page out of the Fed's book, many BOJ board members "expressed hope that the government [will] steadily promote steps to achieve fiscal consolidation," minutes from the central bank's August 7-8 meeting show.
- Members also noted that long-term rates remained "more or less flat throughout the intermeeting period."
- Nevertheless, "one member pointed out that, if the government's stance in terms of fiscal consolidation were to weaken ... long-term interest rates could rise", hindering the central bank's efforts.
- Full release (.pdf)
- Related: Citing no sources, the Asahi newspaper says Prime Minister Shinzo Abe "has decided the economic recovery is robust enough to withstand a planned sales tax increase," Reuters says.
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