This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Asian markets end higher as worries about Europe's financial health ease.
Hello to our viewers all over China.
You're watching “Asia Market Daily”, co-produced by CCTV Business Channel and CNBC, first in business worldwide.
I'm Saijal Patel and here are the top stories across Asia today.
Asian shares were mostly higher this Thursday.
Markets took their cues from gains on Wall Street overnight. But gains in the U.S. were capped after the U.S. Fed Beige Book showed the economy is still growing — but at a slower pace.
Let's take a look at how the Asian stocks performed.
In Japan the Nikkei 225 closed up 0.8 percent.
A weakening yen gives exporters a lift.
But moving forward, one analyst still expects the Japanese currency to rise.
(SOT) Ray Attrill, Head of Research, Forecast:
“The yen is obviously going to stay pretty strong. We’re on guard, given the extent of long yen positioning that's evident everywhere we look at it. There is some sort of squeeze on long yen positions coming that may be worth 2 or 3 big figures on the dollar-yen exchange rate. I was pretty disappointed with what I heard from Shirakawa today, yesterday in parliament he seemed to be much more open minded about the possibility of undertaking fresh easing actions. Today he was pretty much back in his shell. And I think this idea of increasing JGB purchases is something I think one of the ways the BOJ could succeed in softening then yen.”
And the Bank of Korea does the unexpected — defying markets' expectations and keeping rates on hold at 2.25-percent for a second straight month.
South Korea's economy is showing signs of slowing growth especially in exports and manufacturing.
But policymakers have been heartened by rising employment.
Consumer inflation, meantime, remains below-the-middle of the central bank's two-to-four-percent target.
The BoK has signaled it was concerned about this piece of data.
And this is why some analysts were surprised with the decision.
(SOT)Young Sun Kwan, Senior Korea Economist, Nomura:
“In Korea, we expect the public service charge was on transportation prices and utility prices, already in a hike. That means inflation is really a big concern. More importantly is the inflation expectation in the market. It's already high, 3.1% year on year. To me BoK's decision today will give some communication problems because BoK continues to send the signal that BOK is really concerned about the inflation but the decision was the opposite way.”
Meantime, over in the U.S. — President Barack Obama spoke from Ohio overnight, outlining new proposals he hopes will jumpstart the U.S. economy.
Obama urged Republicans to stop blocking a vote on a small business jobs bill.
He unveiled proposals that included increasing and permanently extending a business tax-credit costing about $100 over 10 years, for research and development.
His proposals are aimed at spurring business activity and create new jobs.
(SOT) U.S. President Barack Obama:
“There are roughly 3 million Americans who are working today because of the economic plans we have put into place. But the truth is progress has been painfully slow.”
Obama is also in a verbal battle against Republicans, over tax-cuts for wealthy Americans which are due to expire at the end of this year.
He rejected that call.
But he said his administration was ready to extend tax-cuts for families making less than $250,000 a year.
(SOT) U.S. President Barack Obama:
"This isn't to punish folks who are better off — it's because we can't afford the $700 billion price tag."
Shortly after Obama's speech, U.S. Treasury Secretary Timothy Geithner spoke to CNBC's Maria Bartiromo, in a First on CNBC exclusive.
She asked him what he's expecting from the White House proposals.
(SOT)Timothy Geithner, U.S. Treasury Secretary:
“First order of business is for Congress to come and pass this very important set of tax breaks for small businesses so they can start to hire people back again and once again be the engine of job creation in this country. Second most important thing congress can do is to extend tax cuts that go to middle class Americans. We want to work with congress to put in additional incentives to encourage investment not only in research and development in the United States and start to rebuild America’s infrastructure those things are very important to long term growth. By reinforcing investment today we can help make sure we are digging out of this hole much more quickly we put Americans back to work much more quickly than we are otherwise able to do.”
Meantime in Europe — Ireland has outlined a plan to wind down troubled Anglo Irish Bank.
The bank has saddled Ireland with the worst budget deficit in the European Union.
But analysts were disappointed by the lack of details — such as the timeframe of the implementation, and the cost to taxpayers.
The country's central bank will only reveal the cost of the plan next month.
From what we know so far — Anglo's remaining loans will be housed in an asset recovery bank where they will be worked out over a period of time.
Meanwhile its deposits will be put into a government-backed deposit bank which will not engage in any lending.
Speaking to CNBC, Ireland's finance minister explains the rationale for the decision.
(SOT) Brian Lenihan, Finance Minister of Ireland:
"Management had the ambition of establishing a niche good bank within Anglo Irish but that was a very ambitious undertaking in current market and economic circumstances. And the government view was we had to minimize the exposure of the taxpayer here by a gradual walkout of this financial institution."
And that wraps up today's business highlights.
I'm Saijal Patel from CNBC.
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