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Most Asian shares advance ahead of BOJ statement

Most Asian shares advance ahead of BOJ statement

Most Asian shares advanced on Tuesday in late morning session as the yen weakened before the Bank of Japan issues a policy statement.

The MSCI Asia Pacific Index added 0.2% to 137 as of 11:34 a.m. in Tokyo. Japan’s Topix index gained 0.6% as the yen weakened against 16 major currencies.

New Zealand’s NZX 50 Index added 0.1%. South Korea’s Kospi index fell 0.4%, while Taiwan’s Taiex index was little changed. Singapore’s Straits Times Index lost 0.1%. Hong Kong’s Hang Seng Index slid 0.3%.

China’s Shanghai Composite Index fell 0.6%, retreating from a two-month high, after money-market rates surged as the central bank drained funds from the banking system after new lending reached a record.

The country’s foreign direct investment rose 16.1% to $10.76 billion in January from a year earlier, according to a government report released on Tuesday. That compares with the 2.5% median growth forecast by analysts in a Bloomberg survey and a 3.3% rise in December.

In corporate news, Nissan Motor Co., a carmaker that gets nearly 80% of sales outside Japan, jumped 1.9% in Tokyo.

BHP Billiton Ltd., the world’s biggest mining company, gained 1.9% in Sydney after first-half profit jumped more than expected.

On the negative side, Bank of Communications Co. fell 1.2% in Hong Kong, pacing declines among Chinese lenders.

US markets were closed on Monday for a holiday.

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