Asian markets climbed higher on Friday, following a boost in U.S. equities on the back of President Donald Trump saying he would soon announce a "phenomenal" tax plan.
The Nikkei 225 Index took off like a Saturn rocket, gaining 471.26 points, or 2.5%, to 19,378.93, as the yen weakened against the U.S. dollar. A weaker yen is seen as a positive for Japanese stocks as it makes exports cheaper and increases the value of repatriated profits.
In Hong Kong, the Hang Seng Index gained 49.84 points, or 0.2%, to 23,574.98
The greenback also gained more than 1% against the yen in overnight trade, and tracked 113.66 on Friday, compared to levels around 112 yesterday.
Investors are likely to eye headlines about Japanese Prime Minister Shinzo Abe's visit to the U.S. for a two-day summit meeting with Trump.
In the Reserve Bank of Australia's meeting minutes, the central bank cut its near-term forecasts for economic growth after a shock contraction in the third-quarter, but expects a rebound over the next two years, indicating that further rate cuts are unlikely, according to media reports.
The RBA held rates steady at record low 1.5% on Tuesday, as expected, and appeared to signal it would remain on hold for some time.
Australia's gold sub-index plunged 2.6% as gold prices slipped from its three-month high.
The Australian dollar remained resilient even after the dollar rallied overnight, at $0.7654 U.S.
CHINA
In Shanghai, the CSI 300 added 17.2 points, or 0.5%, to 3,413.49
The White House said Trump and Chinese President Xi Jinping spoke on the phone for the first time, and Trump agreed to honor the "One China" policy at Xi's request
Trump had earlier angered China by speaking to Taiwan's leader Tsai Ing-wen in December, in what is believed to be the first time a leader of Taiwan and an American President spoke on the phone since the U.S. and Taiwan cut ties in 1979 at Beijing's request.
As well, China's trade figures surpassed analysts' expectations. January exports grew 7.9% from a year earlier as imports rose 16.7% on dollar-terms, while yuan-denominated exports rose 15.9% in January on-year, while yuan-denominated imports rose 25.2%.The trade surplus stood at $51.35 billion U.S. for the month.
Media reports said companies involved with One Belt One Road (OBOR), China's global infrastructure push, saw their shares jump after the Ministry of Commerce said Thursday it would continue to push for the initiative and work on bilateral ties with countries along OBOR
Bellwether China Communications Construction added 5.4%, while China Railway Construction climbed 2.7% and China Gezhouba soared 5.6%.
In other markets
In Taiwan, the Taiex Index vaulted 75.41 points, or 0.8%, to 9,665.59
In Korea, the Kospi index moved forward 9.2 points, or 0.5%, to 2,075.08
In Singapore, the Straits Times Index picked up 20.43 points, or 0.7%, to 3,100.39
In New Zealand, the NZX 50 deleted 17.2 points, or 0.2%, to 7,104.43
In Australia, the S&P/ASX 200 gained 56 points, or 1%, to 5,720.61
