Asian stock markets rise

Markets in Asia-Pacific traded higher as much of the region observed the Lunar New Year holiday. Australia’s S&P/ASX 200 rose 0.17 percent in Asian morning trade after a technology-backed rally ahead of Wall Street’s big earnings report. New Zealand’s S&P/NZX 50 was trading slightly above the line. The Nikkei 225 rose 1.61 percent and the Topix rose 1.08 percent. The Japanese yen held above 130 against the U.S. dollar for a second straight day, last trading at 130.53. The yield on 10-year Japanese government bonds remained below the upper ceiling of the central bank’s tolerance range, last trading at 0.39 percent. The Au Jibun Bank Flash Japan Manufacturing Purchasing Managers Index is due for release later in the day. Markets in China, Hong Kong, Taiwan, South Korea, Malaysia and Singapore are closed for the holiday. The Nasdaq Composite rose more than 2% in the U.S. on optimism that the Fed could slow rate hikes. Economic data last week showed declines in wholesale prices and retail sales.