Japanese, Australian Markets Rise Amid US Economic Concerns

Japanese and Australian stock markets rose on Thursday, buoyed by overnight swings on Wall Street and data showing a contraction in the U.S. economy, which heightened recession concerns. The Bank of Japan held interest rates steady at 0.5%, while the Japanese yen depreciated against the U.S. dollar and government bond yields fell. In Australia, the S&P/ASX 200 extended its gains, supported by a sharp increase in the country's trade surplus, driven by recovering iron ore exports and higher gold shipments. Several major Asia-Pacific markets, including China, Hong Kong, and South Korea, remained closed for the Labor Day holiday. Meanwhile, strong earnings from U.S. tech giants Meta Platforms and Microsoft boosted U.S. futures, with Meta and Microsoft shares advancing after reporting better-than-expected results. Overall, the region's market sentiment was shaped by global economic signals and corporate performance.