ECONOMY | Asian markets up on recovery hopes

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Asian markets rose on Wednesday to maintain their strong start to the year, with Tokyo soaring and the yen tumbling after the Bank of Japan (BoJ) decided against further tweaking monetary policy.

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Weak earnings from banking titan Goldman Sachs, a jobs warning by Microsoft and a plunge in manufacturing data highlighted the bumpy road ahead for the United States, the world’s top economy, despite optimism over inflation and the improving interest rate outlook.

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Still, hopes for China’s recovery continued to provide much-needed support, with Chinese Vice Premier Liu He telling the Davos forum that growth will likely rebound this year as the country reopens after zero-COVID while adding that COVID-19 infections had peaked.

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