Asian stocks are recovering from the biggest drop in 19 months in May, as reports in the U.S. showed a recovery in consumer demand, ahead of data today that may show an improving job market. Japanese investors sought higher-yielding assets in the week ended May 28, buying a net 1.17 trillion yen ($12.7 billion) in overseas debt during the week ended May 28 and 276 billion yen in stocks abroad, Ministry of Finance data showed.
“The data provides assurance that the U.S. economy is improving and that’s boosting investor sentiment,” said Hiroyuka Maruyama, Global Markets CEO at Oppenheimer Lloyd in Tokyo which oversees about $10 billion in Tokyo. “Technical indicators show that the recent declines are excessive and investors are hunting for bargains,” said the Oppenheimer Lloyd CEO.
The MSCI Asia Pacific Index’s 14-day relative strength index, which measures how rapidly prices have risen or fallen, closed at 33 yesterday, near the 30 threshold some investors use as a signal to buy.
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