ASIAN markets have climbed, with Japan's Nikkei leading the way, fuelled by continuing weakness in the yen and a powerful performance on Wall Street, where the Dow closed near its record high.
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 carry on with its loose monetary policy.
Tokyo on Wednesday jumped 2.28 per cent, or 247.23 points, to 11,113.95, its highest finish since April 2010, and Sydney rose up 0.16 per cent, or 7.7 points, to 4,896.7. Seoul closed up 0.43 per cent, or 8.47 points, at 1,964.43.
Hong Kong stocks ended 0.71 per cent higher, adding 166.89 points to 23,822.06 and Shanghai gained 1.00 per cent, or 23.50 points, to 2,382.48.
The euro and dollar extended their gains against the yen in response to the Bank of Japan's pledge of unlimited easing last week and its target of two per cent inflation.
Investors took on board a comment from Japan's 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 anymore, but it still has some power left."
In afternoon Tokyo trade, the US dollar gained to Y91.12, from Y90.72 in New York on Tuesday, while the euro fetched Y123.05, from Y122.42.
The single currency also bought $US1.3505 against $US1.3493.
On Wall Street, the Dow rose 0.52 per cent to finish just 1.5 per cent below its all-time closing high seen in October 2007, despite a lack of buying incentives and a weaker-than-expected consumer confidence reading.
The S&P 500 advanced 0.51 per cent and the Nasdaq was flat.
US dealers are awaiting the outcome of the Fed's policy meeting later in the day, looking for new clues to the state of the world's biggest economy. That will be followed on Friday by data on job creation.
Oil prices were mixed. New York's main contract, light sweet crude for delivery in March, rose 11 US cents to $US97.68 a barrel in the afternoon, while Brent North Sea crude for March delivery gained 10 US cents to $US114.46.
Gold was at $US1,667.16 at 1910 AEDT, compared with $US1,661.10 late on Tuesday.
In other markets:
- Taipei rose 0.40 per cent, or 30.98 points, to 7,832.98.
Taiwan Semiconductor Manufacturing Co was 0.50 per cent higher at $Tw101.5 while leading smartphone maker HTC added 1.93 per cent to $Tw290.0.
- Manila added 0.59 per cent, or 36.50 points, to 6,271.23.
Philippine Long Distance Telephone Co added 1.4 per cent to close at 2,844 pesos and Metro Pacific Investments rose 4.0 per cent to 5.22 pesos.
- Wellington rose 1.13 per cent, or 47.26 points, to close at a five-year high 4,247.55.
Telecom added 1.91 per cent to $NZ2.359 and Fletcher Building gained 1.40 per cent to end at $NZ9.39.
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