Monday in Tokyo saw the Nikkei rise again, making it 5 in a row. The upward sessions have been attributed to growing confidence of market recoveries. The Bank of Japan started their two day session but analysts believe monetary policy will remain unchanged. In other markets, the Hang Seng in Hong Kong was closed for Buddha's birthday. Markets in Taiwan, Australia and South Korea ended lower but the NZ Top 40 in New Zealand closed higher.
Tuesday stopped the Nikkei in its tracks and ended the winning streak. Technology stocks were sold off in the US and it also affected the Far East. As well as the Tokyo markets falling, they also fell in Hong Kong, South Korea and Taiwan. As had been expected, there were no changes made to monetary policy by the Bank of Japan. New Zealand markets advanced again and the Australian All Ordinaries Index fell back again.
Wednesday saw the Nikkei climb back into the black and stay there, ending at a level not seen in 9 months. It seems that all across the World banking stocks are in the news and Japan is no exception. Export shares fell as the Bank of Japan stepped in. In a more positive move the Bank of Japan upgraded their assessment of the economy in May, making it three months in a row. Markets in Taiwan, Hong Kong, Australia, New Zealand and South Korea all gained today.
Thursday saw the Nikkei in Tokyo close marginally up for the day. Upbeat comments from analysts were banded around, speculating that gross domestic product has increased over the quarter from January to March. Figures will be released on 7 June 2002 and, if correct, means the first increase in a year. The markets fell in South Korea, Hong Kong, Australia and Singapore. Gains were seen for 5 days in a row by New Zealand.
Friday left the Nikkei in Tokyo and Hang Seng in Hong Kong flat for the day. The Kospi index in Seoul managed to end the week on a gain, as did the Weighted index in Taiwan, the All Ordinaries index in Australia and the Straits Times in Singapore. After 5 in a row for New Zealand the NZ Top 40 ended the week in the red.