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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Asian shares gain on weaker yen, US jobs data AFP - Saturday, April 3 Send IM Story Print Asian shares gain on weaker yen, US jobs data HONG KONG (AFP) - – Asian shares advanced in thin Easter holiday trading on a weaker yen and a more upbeat economic outlook for manufacturers, as markets expected positive US jobs data later Friday. The increases came as the dollar's recent strength against the Japanese currency boosted prospects for exporters' repatriated earnings. Tokyo's Nikkei closed up 0.37 percent while Shanghai rose 0.33 percent and Taipei added 0.16 percent. Seoul advanced 0.25 percent at the close. The dollar was trading at 93.99 yen in late Tokyo trade Friday, slightly higher than 93.89 overnight. "As the market has kept rising in a short period of time, investors want to sell to take profits at some point," Mamoru Nakajo, manager at Phoenix Securities, told Dow Jones Newswires. "But since other markets are strong, they find themselves having to chase the Japan market higher." Sentiment remained buoyed by HSBC and government data showing Thursday that Chinese manufacturing picked up in March and a Bank of Japan survey saying manufacturers were at their most optimistic about the economy since September 2008. Japan's Dai-ichi Life Insurance, which saw a huge debut Thursday, continued to rise, settling up 1.56 percent at 162,500 yen. It "will likely keep rising next week", an analyst said. The insurer made its debut Thursday at 160,000 yen against an IPO price of 140,000 yen. Later Friday the US Labor Department publishes its March jobs report, which is expected to show the first substantial increase in payrolls for more than two years, heralding a quickening economic recovery. Economists expect the March unemployment rate to stay at 9.7 percent but for 190,000 people to be added to the payrolls. The Nikkei business daily said the main creditors of bankrupt Japan Airlines, including the Development Bank of Japan, are to demand drastic cuts to its international service in exchange for further cash injections. Chinese shares closed up 0.33 percent in cautious trade with mining stocks leading the gains amid expectations of increasing demand, dealers said. The Shanghai Composite Index, which covers both A and B shares, was up 10.54 points at 3,157.96 on turnover of 150.1 billion yuan (22.0 billion dollars). It was the index's highest closing level since it hit 3,158.86 on January 21. The key index gained 3.2 percent over the week, its biggest weekly gain in 10 weeks. "The focus on resource companies has contributed to the market's firmer footing, which should help the index continue its positive momentum in the coming sessions," said Zheng Weigang, an analyst at Shanghai Securities. Coal miners led Friday's gains because of higher coal prices caused by severe drought in southwestern China, which has disrupted hydropower output. Shanxi Xishan Coal & Electricity Power rose 3.3 percent to 37.08 yuan, and China Shenhua Energy gained 1.1 percent to 29.54 yuan. Heavyweight oil companies also extended gains for a second consecutive session because of higher oil prices. Sinopec added 1.3 percent to 12.0 yuan, after rising 1.0 percent Thursday, and PetroChina gained 0.5 percent to 12.98 yuan, after a 0.6 percent rise in the previous session. China said it would make its own decisions on how to manage its exchange rate and rejected accusations that the yuan was undervalued, despite growing international calls for the currency to appreciate. "The Chinese government will make responsible and independent decisions on the foreign exchange policy based on its economic and monetary situation," Vice Commerce Minister Chen Jian told reporters. International disquiet has grown over the yuan, which critics say is undervalued by as much as 40 percent against the dollar, giving Chinese exporters an unfair advantage. The Taiwan weighted index closed up 12.84 points or 0.16 percent at 8,025,93 amid rotational buying, dealers said. "After the market stood above the key 8,000 point level Thursday, market sentiment has turned cautious about strong resistance ahead," Grand Cathay Securities analyst Mars Hsu said. Hsu said he expected the local bourse to trade in a narrow range next week. Taiwan Semiconductor Manufacturing Co gained 0.48 percent to 62.40 Taiwan dollars, while United Microelectronics Corp lost 0.89 percent to 16.75. The euro was quoted at 1.3568 dollars in Tokyo afternoon trade, down from 1.3582 dollars in New York late Thursday. The European single currency fell to 127.23 yen from 127.47. "Because of the Easter holidays, trade is not very active," said Masato Otsubo, a trader at Japan's Resona Bank. "Investors are also cautious ahead of the US payrolls data." In the longer term, the relative weakness of the yen is likely to continue "on a strong US economic outlook and higher US interest rates", Barclays Capital said in a note to clients. In other markets, South Korean shares closed 0.25 percent higher, with gains in blue chips on expectations of good first-quarter earnings. The benchmark KOSPI ended up 4.32 points at 1,723.49. In Malaysia, the Kuala Lumpur Composite Index gained 0.46 percent, or 6.10 points, to close at 1,335.94. Markets were closed for a public holiday in Australia, Hong Kong, India, Indonesia, New Zealand, the Philippines and Singapore. 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