Stocks in Japan jumped Thursday, leading most of Asia higher as investors were encouraged to take on more risk after signals that the U.S. remains patient in its approach to raising interest rates.
In Japan, the Nikkei 225 charged ahead 390.32 points, or 2.3%, to 17,210.05,
In Hong Kong, the Hang Seng index spiked 246.37 points, or 1.1%, to 22,832.21
The gains tracked a stock rally Wednesday in the U.S., where the Federal Reserve pledged to keep interest rates low for a "considerable time."
The indication by the U.S. central bank was a relief for Asia, after an emerging-market selloff earlier in the week had investors fleeing the rupee, rupiah, and stocks and bonds in pockets of southeast Asia.
A longer timeline for rate increases implies that stocks will continue to be more appealing to investors, including those in riskier emerging markets, compared with the low returns on U.S. bonds.
CHINA
Shanghai’s CSI 300 index lost 14.67 points, or 0.4%, to 3,345.93, after data showed the decline in Chinese home prices hasn’t run its course. The average price of new homes in 70 Chinese cities continued to fall in November, albeit at a slower pace.
The Shanghai market is moderating after a strong run that put stocks up 4.3% in the first three sessions of the week.
In other markets;
Singapore’s Straits Times Index added 16.42 points, or 0.5%, to 3,243.65
The Taiex index in Taiwan regained 50.27 points, or 0.6%, to 8,878.63
Korea’s Kospi index dipped 2.66 points, or 0.1%, to 1,897.50
New Zealand’s Exchange 50 inched up 21.89 points, or 0.4%, to 5,518.48
Australia’s S&P/ASX 200 moved higher 48.92 points, or 1%, to 5,210.78
