NEW YORK, Jan 14 (Reuters) - U.S.-listed shares of foreign companies edged higher on Monday, led by gains in Japanese exporters as investors counted on Japan’s central bank to deliver bold stimulus to boost the economy.
Although the Japanese stock market was closed for a national holiday, U.S.-listed shares of Japanese companies rose following comments from Japan’s Prime Minister Shinzo Abe on Sunday.
He said the Bank of Japan (BOJ) must set a 2 percent inflation target and make it a medium-term, not long-term, goal to show markets it was determined to pursue bold monetary easing to end nearly two decades of deflation.
Investors viewed this as putting pressure on the central bank to further ease Japan’s monetary policy, and a push for a new BOJ governor. Fiscal stimulus is a major negative for the yen, which is good for Japanese companies selling products overseas.
U.S.-listed shares of Honda Motor rose 0.8 percent to $38.48. Toyota Motor rose 0.7 percent to $96.80.
Chinese stocks also got a boost as investors continued to cheer stronger-than-expected Chinese trade data last week that showed exports rose 14 percent in December year-on-year, far above expectations of 4 percent. That raised investor hopes that demand from the United States and Europe will support China’s economic recovery this year.
U.S.-listed shares of China Telecom jumped 1.8 percent to $56.63.
The BNY Mellon index of leading American depositary receipts rose 0.1 percent. The Standard & Poor’s 500 index ended 0.1 percent lower.
The BNY Mellon index of leading Asian ADRs rose 0.4 percent, while the BNY Mellon index of leading European ADRs fell 0.1 percent.
The BNY Mellon index of leading Latin American ADRs rose 0.5 percent.