Japan's currency depreciated and its stock market rose after the country's central bank surprised markets by resorting to negative interest rates in a "pre-emptive strike" against deflation.

Chinese equities are cheap and, should they fall in value more than they have already fallen this year, investors should build up their positions, says the Asian chief investment officer for a major asset manager.

Tokyo-based Nissay Asset Management has hired Shinsuke Takarada to help manage two funds focused on corporate engagement.