Japanese and Indonesian markets settled higher on Wednesday, tracking Wall Streets’ marginal gains overnight, although regional trading volumes were light as most markets in Asia stayed closed for the Lunar New Year holidays. Reports of progress in the US-Iran nuclear negotiations have eased concerns over potential energy supply disruptions, leading to a stabilization in oil prices and improved investor risk appetite in the market. Japan’s Nikkei surged after Washington’s confirmation of the first $36 billion tranche of Japan’s $550 billion US investment pledge tied to a tariff deal. Separate set of data showed Japan’s exports surged in January and business confidence improved in February, offering cautious relief for policymakers seeking to stabilize a stuttering economy. Meanwhile, investors awaited the release of key US economic data as well as the minutes from the Federal Reserve’s January policy meeting for signals on future interest rate cuts.
Nikkei settled up by 577.35 points or 1.02% to 57,143.84, and Jakarta Composite Index closed higher by 97.96 points 1.18% to 8,310.23.
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