Asian Stocks Gain Ahead of China Congress Remarks – Asia Market Wrap

Stocks in Asia rose as investors focused on China’s policy meeting following formal pronouncements of an aggressive 5% growth objective. Traders also anticipated remarks from Federal Reserve Chair Jerome Powell.

A news conference with key officials on Wednesday may reveal further information about the government’s efforts to encourage consumption. Pan Gongsheng, the governor of the central bank, will brief media, as will the ministers of commerce and finance, as well as the new top securities regulator.

Meanwhile, Japan’s largest bank expects the central bank to exit negative interest rates in two weeks and is preparing appropriately. Mitsubishi UFJ Financial Group’s assessment is far more conclusive than the swap market, which assesses the probability of Bank of Japan Governor Kazuo Ueda shifting policy this month at roughly 50%.