Asia: Stocks higher following release of BoJ and RBA minutes

Shares in Asia recovered on Tuesday after a negative start to the week due to a weaker commodities market.

The Nikkei 225 index was up 0.93% driven by a weak yen and positive remarks from the Bank of Japan. The currency was at ¥124.39 against the dollar.

The central bank said the Japan's economic recovery is still on track, according to the minutes of its June meeting. But several board members said the impact of the bank's economic stimulus might be "diminishing".

However, the members noted that inflation scenario will continue to improve in the long term.

"Japan's economy has continued to recover moderately. Overseas economies, mainly advanced economies, have been recovering, albeit with a lackluster performance still seen in part," the minutes said.

Companywise, Toshiba rose 6.13% despite news its chief executive is expected to resign over a £780m accounting scandal.

The company inflated profits by over ¥151.8bn (£780m) over more than five years, an independent committee found on Monday. In a notice to the Toyko Stock Exchange, the electronics and technology firm apologised and said it takes the situation very seriously.

In China, the Shanghai Composite Index rose 0.65% while Hong Kong's Hang Seng gained 0.66%.

Craig Erlam from Oanda said: "Gold prices appear to have stabilised somewhat following some heavy selling in China at the start of the week.

"Still, the path of least resistance appears to remain to the downside and most people seem to be in agreement. While that can often actually be a bullish signal with a trade being overcrowded, I’m not convinced this is the case on this occasion."

Accendo Markets analysts noted Chinese markets are difficult to gauge of late since "it's not clear whether index moves are reflecting retail buyers or government intervention".

In economic data, Chinese foreign direct investment rose to 8% year-on-year in June from 7.8% in May.

Elsewhere in Australia, the ASX index rose 0.35% after the Reserve Bank of Australia decided to keep interest rates unchanged at 2%.

The RBA published the minutes of its June minutes where it said company hiring could be enough to reduce unemployment.

It added the Australian dollar had recently fallen to six-year lows against the US dollar, but further declines were necessary against other currencies.

Echo Entertainment gained following news it won a bid for a new mega casino development in Brisbane.