Asia markets closed in the green as the dollar nursed losses after hitting 10-month lows overnight on dimmed prospects for U.S. health-care reforms.
The Nikkei 225 gained 20.95 points, or 0.1%, to 20,020.86
The Hang Seng Index zoomed 147.22 points, or 0.6%, to 26,672.16, gaining for fourth straight session
With the Hang Seng Index and Straits Times Index having broken through resistance levels, experts say markets in the region could be set for the beginning of a new rally
In Japan, petroleum company Idemitsu Kosan said it would issue 48 million shares after a court turned down the company founders' attempt to prevent the offering. The Idemitsu family, who founded the company, are at odds with management's plans to acquire Showa Shell Sekiyu. The sale of new shares would dilute the family's stake in the company and reduce their ability to veto, Reuters said. Shares of the company closed up 2%
In economic news, the Bank of Japan began a two-day policy meeting Wednesday.
Shares of Singapore telco M1 tumbled 7.6% after Axiata Group said Tuesday that it was aborting a strategic review of its shareholding in the company. The drop in share price also followed news the company experienced a 20.8% fall in second-quarter earnings, local media reported.
Meanwhile, NetLink NBN Trust, Singapore's largest IPO in six years, began trading during the afternoon local time at 0.815 Singapore dollars ($0.62 U.S.) each, slightly above the company's offer price of 0.81 Singapore dollars ($0.59).
Against the yen, the U.S. dollar fetched 112.08 yen, after trading as low as 111.85 earlier in the session.
In other currencies, the Australian dollar touched a two-year high, trading at $0.7926 late afternoon, following what markets perceived as a hawkish slant in the central bank's minutes released Tuesday and the dollar's weakness.
Australian stock gains were driven by strength in the heavily-weighted financials sub-index, which was up 2.4%.
In individual stocks, Australian banks traded mostly higher after regulators said the capital requirement for the country's four biggest banks would be increased by 2020. At the end of the trading session, ANZ was up 3.9%, Westpac rose 3.8% and National Australia Bank gained 3.1%
Shares of Rio Tinto were also in focus. Analysts said Rio Tinto's 2017 dividend could be the highest in the company's history due to higher iron ore prices, the Australian Financial Review reported. The diversified miner lowered its guidance for iron ore exports on Tuesday. Shares of the company were down 0.7%.
In other markets
The CSI 300 jumped 62.57 points, or 1.7%, to 3,729.75, its highest levels since December 2015.
In Taiwan, the Taiex index improved 24.84 points, or 0.2%, to 10,506.10
In Korea, the Kospi index eked ahead 3.9 points, or 0.2%, to 2,429.94
In Singapore, the Straits Times Index improved 18.99 points, or 0.6%, to 3,325.07
In New Zealand, the NZX 50 gained 25.42 points, or 0.3%, to 7,732.75
In Australia, the ASX 200 recovered 44.73 points, or 0.8%, to 5,732.13
