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Asian Markets Lifted by Optimism on US Economy

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Good evening to all our viewers across China.

I'm Saijal Patel from CNBC and you're watching “Asia Market Daily”.

Well it's been a great start to the week for Asian markets, thanks to that positive lead from Wall Street.

Japan's Nikkei finished up almost 1.4 percent - while the KOSPI climbed almost 0.8 percent, to a near two-year high.

The Taiex edged up a third of a percent and the Aussie market also firmed, putting on 1.5 percent.

The China market was also stronger in late trade following the Mid-Autumn Festival break.

But property stocks struggled - after China announced new measures to put a cap on rising property prices.

The government will prevent companies that have land - that's not currently being developed - from buying more parcels.

Authorities hope the new ban will increase construction of public housing.

To other news that's grabbing our attention in the region. China's Bright Food is in exclusive takeover talks with Britain's United Biscuits.

The Chinese government-owned food producer has reportedly approached the private equity owners of the cookie maker - to discuss an acquisition, which could be worth more than 2 billion pounds.

The developments come two months after Goldman Sachs and JP Morgan were hired to do a strategic review of the company.

In Japan, export growth has slowed for 6th straight month in August. The trade surplus is down nearly 40% from a year earlier.

A stronger Yen and slowing external demand raises the odds of further monetary easing by the BOJ.

And shares of consumer lenders have tumbled in Tokyo, after Takefuji failed to dampen speculation that it's preparing to file for bankruptcy protection.

It's understood the company is struggling to repay interest on loans, deemed illegally high.

Takefuji says a decision has not yet been made.

As U.S. lawmakers prepare to vote on legislation to pressure China to raise the value of its currency. Professor Nouriel Roubini has told CNBC a gradual appreciation of the Yuan won't hurt the Chinese economy.

CNBC's Martin Soong spoke with Roubini - at the World Capital Markets Symposium in Kuala Lumpur.

Martin Soong: How much would it hurt the Chinese economy, if we had a plus 20 percent number on Renminbi?

Roubini: "Well first of all nobody expects them to move by 20 percent in 6 months or a year. It will be over a period of a number of years. Last time around, between 2005 and 2008, they did allow the RMB to appreciate by about 20 percent over the USD. That didn't hurt their export competitiveness, did not hurt economic growth. Because this country, that has productivity growth in excess of wage growth can afford an appreciating currency without the negative effects on economic growth. Of course that appreciation would have to be gradual. But the idea that it's going to be all at once, is far fetched."

But Professor Roubini warns China now faces the challenge of boosting domestic consumption.

Roubini: "China over time will have to switch its own model of growth from net exports to domestic consumption. And the only way it's going to achieve it, is if there is an increase of wages above productivity so there is more demand for domestic goods and more consumption. The trouble in China is consumption is a third of GDP, while in other emerging markets it's two thirds of GDP. And a model of growth based on essential exports, net growth, industrialization is not sustainable any more, as the US has been the consumer of first and last resort, now it has to spend less, consume less, save more, import less, Therefore the Chinese model of export-led growth is going to be challenged. It is in the interest of China to have a gradual increase in wages that increases domestic demand over time."

Still on China, Gome - which has been plagued by a bizarre power battle - will be in focus this week.

Shareholders of the country's biggest household appliance chain will meet tomorrow - to vote on a proposal to oust the current Chairman.

The company's founder Huang Guangyu - who's serving a 14 year jail sentence for bribery and insider trading - is trying to convince shareholders to support his bid, to get his sister and lawyer on the board.

Guangyu is also hoping investors will vote against a planned share sale, which could dilute his 36 percent stake in the electronics giant.

And Chinese consumers are doing their bit to support the Japanese economy... spending up big while they're on holidays.

As CNBC's Tokyo Bureau Chief, Kaori Enjoji reports, the Chinese shopper is unfazed about the recent diplomatic row between the two countries.

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Serene. Reserved.

Snapshots of an old Japan that beguiled its economic might twenty years ago…and the magnet for some seasoned travelers.

No longer. Heaving from debt, anemic growth and an ageing population, the new road to prosperity is come and shop till you drop.

(SOT) Xie Gao Peng, Bank employee:

"I bought a rice cooker, cosmetics, electric appliances, a camera and a few other small things…"

Says the 30-year-old banker from China, a posterchild for the Japanese government's attempt to rev tourism into one of its growth engines.

(SOT) Xie Gao Peng, Bank employee:

"I spent about 200,000 yen today!"

By the time his fellow travelers are done, his driver says the bus is bulging with about 30 rice cookers.

Japan is spending $100 million this year to promote tourism - one of the government's new economic pillars.

For decades, Japan has been criticized for relying too much on exporting cars and electronics to support its economy. As those industries get threatened to be beat in their own game by South Korean peers, the need to nurture demand at home is greater than ever.

(SOT) Masaki Hirata, Executive Director, Japan National Tourism Organization:

"We have been seeing a fast increase of Chinese visitors to Japan and this year we are aiming at 1.8 million from mainland china….On average they spend like $1400."

Even if the yen is the strongest it's been in 15 years?

(SOT) Shen Jian Guo, Businessman:

"No influence at all. I buy what I like."

Part of the master plan is the opening of Haneda airport this/next month to more international travel, enabling visitors to bypass the long trek to Narita.

Just 15-minutes to central Tokyo by train, 15 overseas carriers have landed coveted spots… and discount carriers say they are lobbying hard to win a place as Japan remains the gateway to China.

The new wave of visitors is spawning peripheral industries - cheaper hotels, outlets near the airport, property-buying tours, and even an occasional cancer-checkup tour.

The influx has literally transformed Ginza, once the epitome of old-fashioned luxe. Landmark retailers like Mitsukoshi Isetan has just been refashioned with a lot more bling and sales clerks who speak Mandarin. And the locals…head down the block to discount retailers like Uniqlo and H&M. Kaori Enjoij, CNBC, Tokyo.

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Well that wraps up all the day's business news.

I'm Saijal Patel from CNBC, enjoy your night.

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