Market Report – Asia Shares Higher, Eyes on Yen

In today’s market report… Asian share markets continued a third week of gains Friday, while the threat of Japanese currency intervention kept eyes on the yen.

Japanese shares posted their biggest weekly gain since December 2009, rising further since Japan spent over $21 billion to weaken the yen mid-week.

The dollar held near its highest level in a month, boosting shares of Japanese exporters such as Honda Motor, but market-watchers expected the yen’s upward climb to resume without further intervention.

Intervention is expected to be on the discussion agenda when Prime Minister Naoto Kan meets U.S. President Barack Obama in New York next week.

Finance Minister Yoshihiko Noda, who kept his post in a Cabinet reshuffle Friday, said Japan needed to explain its stance to other countries but would intervene again if needed.

Elsewhere, South Korea’s LG Electronics jumped after a founding family member was appointed new chief executive, sending the KOSPI to a 27-month high.

Foto: NTDTV