Asian markets mostly down, Tokyo surges on

TOKYO shares have bounced and the yen's tumbled with Japan unveiling more aggressive monetary easing.

However, other Asian markets slipped on Thursday, with Seoul hit by growing tensions on the Korean peninsula.

The yen sank against the dollar and the euro after the Bank of Japan (BoJ), in its first meeting under a new governor, announced a raft of measures aimed at ending decades of deflation and dragging the economy out of years of insipid growth.

Tokyo jumped 2.20 per cent, or 272.34 points, to 12,634.45. The Nikkei index had slumped as much as 2.3 per cent in the morning, with dealers concerned new BoJ governor Haruhiko Kuroda would fall short on promises to boost the economy.

Seoul fell 1.20 per cent, or 23.77 points, to 1,959.45 after North Korea blocked access to its Kaesong joint industrial zone with South Korea for the second day running. There were also reports Pyongyang has moved a medium-range missile to its east coast.

Sydney fell 0.89 per cent, or 44.2 points, to close at 4,913.5.

Hong Kong, Shanghai and Taipei were closed for a public holiday.

After a two-day meeting the BoJ said it would embark on an aggressive spending program, boosting asset purchases including Japanese government bonds, while pledging to meet a two per cent inflation target within two years.

It also pointed to an uptick in Japan's economy, which has suffered a mixed bag of data lately without any clear sign of a firm recovery.

Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo, called the news a "positive surprise" for markets.

The appointment of Kuroda has sent the yen tumbling this year as he vowed big measures to achieve a two per cent inflation goal to kick-start the economy.

However, investors began moving back into the unit recently amid fears the new governor would not deliver the aggressive policy he had promised.

In afternoon forex trade, the dollar surged as high as 95.46 yen on the announcement, after sitting around 92.71 earlier in the day. The euro also jumped to 122.11 yen from 119.39 yen but it fell to $1.2800 from $1.2845 after weak German services data.

Wall Street provided a soft lead to Asian markets, with the Dow losing 0.76 per cent and the S&P 500 down 1.05 per cent a day after they both struck fresh record highs.

The Nasdaq gave up 1.11 per cent.

US traders sold up after disappointing private sector jobs data and weak service sector growth figures.

Oil prices were mixed, with New York's main contract, light sweet crude for delivery in May, down one cent at $94.44 a barrel in the afternoon and Brent North Sea crude for May adding 27 cents to $107.38.

Gold was at $1,544.90 an ounce at 1030 GMT (2130 AEDT) compared with $1,570.09 late on Wednesday.

In other markets:

- Singapore fell 0.42 per cent, or 13.97 points, to close at 3,307.80.

United Overseas Bank shed 1.49 per cent to Sg$20.46 and Singapore Airlines eased 0.64 per cent to Sg$10.85.

- Manila closed 0.46 per cent lower, shedding 31.58 points to 6,783.72.

SM Investments fell 0.26 per cent to 1,136 pesos and Philippine Long Distance Telephone was off 0.48 per cent at 2,896 pesos, while Alliance Global Group eased 0.24 per cent to 21 pesos.

- Wellington rose 0.39 per cent, or 17.32 points, to 4,430.17.

Telecom added 0.82 per cent to NZ$2.47, Fletcher Building rose 1.78 per cent to NZ$8.60 and Contact Energy gained 1.11 per cent to close at NZ$5.45.

- Jakarta fell 1.18 per cent, or 58.86 points, to 4,922.61.

Car maker Astra International fell 3.14 per cent to 7,700 rupiah, while cement maker Indocement Tunggal Prakarsa rose 3.23 per cent to 24,000 rupiah.

- Kuala Lumpur added 0.18 per cent, or 3.06 points, to 1,688.46.

- Bangkok added 0.52 per cent or 7.94 points to 1,528.46.

- Mumbai fell 1.55 per cent or 291.94 points at 18,509.7 points, a near-five-month-low and its second straight day of losses.

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