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Taiwan Perks, Investors Shrug off China Drills

Taiwan shares led gains in Asia-Pacific markets as investors shake off China’s military drills following U.S. House Speaker Nancy Pelosi’s visit.

In Japan, the Nikkei 225 leaped 243.67 points, or 0.9%, to 28,175.87.

The Japanese yen changed hands at 133.29 per U.S. dollar.

In Hong Kong, the Hang Seng index nosed ahead 27.9 points, or 0.1%, to 20,201.94.

Alibaba’s Hong Kong shares dropped 2.4% after the company reported flat revenue growth, though fiscal first-quarter earnings beat expectations.

Taiwan’s Taiex jumped, with chipmaker TSMC rising 3.2%. The index traded lower this week as U.S.-China tensions increased over Pelosi’s trip.

Markets appear unfazed by China’s drills around Taiwan, though Japan’s Defense Minister Nobuo Kishi said Chinese missiles landed in Japan’s exclusive economic zone and called the military drills a “serious problem, according to media reports.

Australian markets gained as the Reserve Bank of Australia revised its inflation forecasts and warned that the economy is set to slow.

The Australian dollar was at $0.6966, after a sharp fall from above $0.7 on Tuesday.

In other markets

In Shanghai, the CSI 300 gained 55.37 points, or 1.4%, to 4,156.91.

In Taiwan, the Taiex popped 333.84 points, or 2.3%, to 15,036.04

In Singapore, the Straits Times Index advanced 13.02 points, or 0.4%, to 3,282.88

In Korea, the Kospi moved forward 17.69 points, or 0.7%, to 2,490.80.

In Australia, the ASX 200 recovered 40.63 points, or 0.6%, to 7,015.56.

In New Zealand, the NZX subtracted seven points, or 0.1%, to 11,728.47.