Economic news

Asian stocks climb for fifth straight day

Asian stocks advanced for a fifth consecutive day on Friday as investors became more confident after a sharp sell-off last week.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 percent, as many Asian bourses were closed on Friday for the Lunar New year.

Japan’s Nikkei surged 1.2 percent to 21,720.25 after the Japanese government nominated the Bank of Japan's Gov. Haruhiko Kuroda for another term. The benchmark index gained 1.6 percent for the week.

The broader Topix rose 1.1 percent to 1,737.37.

Australian shares slipped 0.1 percent.

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