Asian Shares Rise As Bank Of Japan Keeps Ultra-low Rates

(RTTNews) - Asian stocks rose broadly on Friday as the Bank of Japan maintained ultra-low interest rates and reports suggested that Beijing officials are stepping up plans to jump-start China's recovery.

Chinese shares rose notably as investors bet on more and effective economic stimulus in China to lift slowing growth.

There were reports that authorities are considering a broad stimulus package to support the housing market and get consumers spending.

China's Shanghai Composite index climbed 0.63 percent to 3,273.33 while Hong Kong's Hang Seng index rallied 1.07 percent to 20,040.37.

Japanese stocks reversed course to end higher after the Bank of Japan maintained its ultra-easy monetary policy and signaled no change to its quantitative easing and yield curve control policies.

The Nikkei average gained 0.66 percent to 33,706.08, marking a fresh three-decade high and posting its 10th consecutive weekly gain. The broader Topix index settled 0.28 percent higher at 2,300.36.

Optical products company Canon soared 4.9 percent on share buyback news. Rival Olympus rallied 3.8 percent and Nikon surged 4.5 percent.

Seoul stocks advanced to snap a two-day losing streak. The Kospi average gained 0.66 percent to close at 2,625.79 after U.S. economic data released overnight pointed to solid consumer demand and easing inflation.

Flag carrier Korean Air Lines jumped 4.8 percent and state-run electricity provider Korea Electric Power added 1.4 percent while energy firm SK Innovation fell 1.4 percent.

Australian markets rose for a fifth consecutive session, led by energy stocks. The benchmark S&P/ASX 200 jumped 1.06 percent to 7,251.20, marking its highest level since May 23. The broader All Ordinaries index closed 1.10 percent higher at 7,451.20.

AGL Energy shares soared 9.7 percent after the electric and gas company announced it had signed a three-year deal with energy giant BP to provide easier access to electric vehicle charging points for users in New South Wales.

Across the Atlantic, New Zealand's benchmark S&P/NZX-50 index climbed 0.96 percent to 11,800.04. Investors shrugged off data showing that the country's manufacturing sector continued to contract in May.

U.S. stocks posted strong gains overnight on the back of mixed economic data and optimism that the Fed will not follow through with more rate hikes.

U.S. retail sales unexpectedly rose unexpectedly in May, import prices fell in the month and jobless claims were flat for the week ended June 30 while production at U.S. factories almost stalled in May, separate reports showed.

The tech-heavy Nasdaq Composite and the S&P 500 both rallied around 1.2 percent to hit their closing levels in over a year, while the Dow climbed 1.3 percent to reach a six-month closing high.