Japan

•    NKY+0.95%, TPX +0.96%

•    NKY rebounded, erasing earlier loss after report PM Kan will announce new steps to deal with the strong yen at the end of the day, prompting short-covering. Meanwhile, investors remain watchful of US economic data later in the day. The Fed chairman will speak at a meeting of central bankers and financial officials in Jackson Hole and US revised 2Q GDP will be released later today.

•    Stocks rose across most sectors led by oil & gas, industrials, consumer, materials and tech

•    Exporters rebounded after the yen fell following report PM Kann will announce new measures to deal with the strong yen by the end of the day: autos +1.24%, CE +1.85%, precision +1.90%.

•    Traders +1.16% after commodities prices rose

•    Best performing sectors on the TPX: rubber products +2.26%, textiles & apparels +2.05%, oil & gas +1.97%; worst performing sectors: insurer -0.62%, airline 0.00%, pharma +0.16%

Hong Kong

•    HSI -0.07%; HSCEI -0.36%

China

•    SHCOMP +0.28%; SZCOMP +0.85%

•    Stocks fluctuated closing marginally higher. Turnover on the SHCOMP fell to 80.17B yuan from 105.66B yuan yesterday

•    Stocks rose across most sectors led by health care, consumer, telecom, oil & gas and industrials. Financials and utilities fell

•    Health care +1.44% after the Shanghai Securities News reported China may announce a five-year plan to boost the nation’s pharmaceutical distribution industry

•    Xinjiang-based stocks rose. The China Securities Regulatory Commission will hold a meeting in Xinjiang and may introduce measures to help companies in the region sell shares and promote mergers and restructuring, the Shanghai  Securities News reported

•    Banks -0.15%. China Business News report the country’s loan target won’t be relaxed this year and will be maintained at 7.5 trillion yuan and its loan target in 2011 won’t be lower than this year’s level, according to central bank advisor Xia Bin