ASIAN shares have risen, with Tokyo scaling a 21-month high thanks to a weaker yen, but pessimism lingers over the prospects of a US "fiscal cliff" deal by the year-end deadline.
Tokyo's benchmark Nikkei 225 index on Thursday climbed 0.91 per cent, or 92.62 points, to 10,322.98, the highest level since March 11 last year when a massive quake struck Japan, sparking a tsunami and the worst atomic crisis in a generation.
The dollar rose to its highest level in more than two years against the yen as Prime Minister Shinzo Abe took office, raising expectations that the Bank of Japan would initiate more aggressive monetary easing under his leadership.
Seoul closed 0.26 per cent, or 5.10 points, higher at 1,987.35, and Sydney gained 0.28 per cent, or 12.8 points, to 4,648.0.
Hong Kong climbed 0.35 per cent, or 78.6 points, to 22,619.78, while Shanghai eased 0.60 per cent, or 13.23 points, to 2,205.90.
Regional gains came despite overnight falls on Wall Street as investors continue to fret over the looming fiscal cliff - a series of tax hikes and spending cuts worth some $US600 billion ($A580.92 billion) due to take effect in January.
The Dow Jones Industrial Average was down 0.19 per cent to finish the session at 13,114.59.
The broad-market S&P 500 lost 6.83 points (0.48 per cent) to end at 1,419.83, while the tech-rich Nasdaq Composite shed 22.44 points (0.74 per cent) to 2,990.16.
US lawmakers are set to return to the negotiating table after the Christmas holidays in a last-ditch effort to reach a deal, with experts warning that going over the cliff could drive the world's biggest economy back into recession.
The Treasury Department said on Wednesday the government would hit its legal borrowing limit by Monday, setting in motion emergency measures to keep the government operating for several more weeks.
The Treasury's manoeuvring is designed to put off until February or March the prospect of a full-blown debt crisis, indicating that the US budget wrangling could continue well into 2013.
Despite those concerns the dollar made steady gains, hovering around Y85.79 in afternoon Tokyo trade, the highest level since September 2010.
The euro fetched Y113.57 and $US1.3242 compared with Y113.19 and $US1.3230 in New York late on Wednesday.
Oil prices were mixed, with New York's main contract, light sweet crude for delivery in February, adding six US cents to $US91.04 a barrel. Brent North Sea crude for February delivery shed 10 US cents to $US110.97.
Gold was at $US1,657.30 at 1940 AEDT, compared with $US1,658.10 late on Wednesday.
In other markets:
- Taipei rose 0.19 per cent, or 14.22 points, to 7,648.41.
Hon Hai Precision rose 0.56 per cent to $Tw89.0 while TSMC was 0.42 per cent down at $Tw95.60.
- Wellington gained 0.19 per cent, or 7.63 points, to 4,065.44.
Telecom Corp was down 1.32 per cent at $NZ2.25, while Fletcher Building rose 1.81 per cent to $NZ8.45.
- Manila fell 0.65 per cent, or 37.94 points, to 5,794.89.
Metropolitan Bank and Trust Company slipped 0.77 per cent to 102.10 pesos, while BDO Unibank rose 0.62 per cent to 72.75 pesos.
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