Japan led Asian stocks higher Friday, as investors' focus
shifted to a referendum on Scottish independence and the debut of
China's Alibaba Group Holding in New York later in the day.
Japan's Nikkei was up 0.9% at 16210.68 and Australia's
S&P/ASX 200 was up 0.2%, following gains in the U.S., where
investors were heartened by signals Wednesday that the Federal
Reserve remains on a measured course to eventually raise interest
rates.
The market's focus was shifting to Europe, however, where voting
results are trickling in on whether Scotland should break apart
from the U.K. A vote in favor of independence would introduce
market uncertainties, such as what currency an independent Scotland
would use as well as how the region's economy would be
affected.
The U.K. pound was slightly higher by 0.2% at US$1.64,
suggesting investors expect the vote to lean in favor of staying in
the U.K. Investors are likely taking a "wait-and-see approach"
ahead of results in Scotland, says Osao Iizuka, head of spot
foreign-exchange trading at Sumitomo Mitsui Trust Bank.
The greenback was last trading at Yen108.76, the highest level
since September 2008. A weaker Japanese currency tends to support
the country's manufacturing sector, which in turn boosts the stock
market.
Investors are also looking ahead to Alibaba's initial public
offering Friday morning in New York. Shares of the Chinese
e-commerce firm priced at $68 apiece, at the top of the company's
expected range. That puts Alibaba on track for an offering that
will raise at least $21.8 billion and gives the firm an initial
market value of $168 billion. Early investors are being allowed to
sell more than $8 billion worth of shares.
Write to Chao Deng at Chao.Deng@wsj.com
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