FXstreet.com (Barcelona) - Asian stock indexes are going through gains on Thursday in spite of negative macroeconomic data, and with conviction that monetary policy by governments an Central Banks will contribute to dampen the worst effects of the financial crisis.
Asian economies, featured by being strongly dependant on exports are facing the worst consequences of the global economic slowdown; China's Gross Domestic Product has dropped to 6.8% decline in the fourth quarter, the lowest economic growth in the last seven years, while Japanese exports have tumbled 35% ear on year in December, as a consequence of the Yen's strength; the Japanese currency has reached a 13 year high against the Dollar.
Asian stock markets, however have rebounded on Thursday, on a renewed confidence in financials after yesterday's rally in Wall Street.
Tokyo's Nikkei Index has opened negative to recover later on posting a 1.3% rise mid afternoon. The session started with the Yen touching 87.10 during the U.S session, the highest level since 1995, which produced a sell-off for Japanese exporters such as Sony, which lost 3.0%.
Hong KongÂ´s Hang Seng Index gained 1.7% with HSBC Holdings rallying 5.3% after eight consecutive days of decline. South Korea's Kospi Index rose 1.4% despite contraction in the economy, and Australia's S&P/ASX 200 index rose 1.3%.