Stronger on Dow boost

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HONG KONG: Asian markets rose yesterday after the Dow finished near its all-time closing high, with Japan’s Nikkei leading the way, fuelled by continuing weakness in the yen.
Traders are keeping a close eye on the United States, where the Federal Reserve is due to end a two-day policy meeting, with analysts expecting it to continue its loose monetary policy.
Tokyo’s benchmark Nikkei 225 index jumped 2.28 per cent, or 247.23 points, to 11,113.95, its highest finish since April 2010.
Investors took on board a comment from Finance Minister Taro Aso, who, defending the country’s easing policies against criticism from abroad, said the yen’s “excessive strength is in correction”.
A senior dealer at a major bank in Tokyo said: “The comment is nothing new so it can’t push up the pair like a rocket any more, but it still has some power left.”
The euro and dollar extended their gains against the yen in response to the Bank of Japan’s pledge last week of unlimited easing and its target of two percent inflation.
Sydney rose 0.16 per cent, or 7.7 points, to 4,896.7 while Seoul climbed 0.43 per cent, or 8.47 points, to 1,964.43.
Shanghai Composite Index gained 1.00 per cent, or 23.50 points, to 2,382.48.
Mumbai ended flat, up 0.07 per cent, or 14.10 points, to 20,005.00, even as the rupee rose to 53.3 to the dollar, a three-month-high.
In other markets:
Taipei rose 0.40 per cent, or 30.98 points, to 7,832.98.
Manila added 0.59 per cent, or 36.50 points, to 6,271.23.
Jakarta ended up 13.94 points, or 0.31 per cent, at 4,452,98.
Bangkok rose 0.81 per cent, or 12.05 points, to close at 1,490.82.

Business Times : marketwatch

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