Business

Asian stocks look to erase Brexit losses

Chinese investor looks at stock board Image copyright STR

Asian stocks have risen for a third day running, as investors bet that policymakers will take steps to prevent further market uncertainty following the UK's decision to leave the EU.

The broad-based MSCI Asia Pacific Index rose 0.5%, which brought its gains this week to more than 3%.

In Tokyo, the benchmark Nikkei 225 closed 0.68% higher, while the Topix gained 0.69%.

South Korea's Kospi rose 0.9% and Australia's S&P/ASX 200 added 0.25%.

In China, the Shanghai Composite closed 0.1% higher.

Hong Kong and Thailand's stock markets are closed for holidays.

Gold, considered a safe haven investment in times of uncertainty, headed for its fifth week of gains, with bullion for immediate delivery trading at $1,322 an ounce.

Japan data

Japan released a slew of data on Friday that highlights the government is still struggling to turn the economy around.

Consumer prices excluding fresh food, which is the Bank of Japan's main measure, fell for a third straight month by 0.4% in May.

Household spending also fell, by 1.1% in May from a year earlier.

The Tankan survey for large manufacturers held at 6, versus forecasts for 4. The positive number shows there are more optimists than pessimists.

However, analysts said the Tankan result came in before the results of the Brexit vote last week so doesn't reflect the impact it may have on business confidence.