Asian markets were higher on Wednesday, with stocks in Japan and Australia reaching fresh multiyear highs, after the Dow Jones Industrial Average marked an all-time high Tuesday.
In Japan, the Nikkei 225 Index ballooned 248.82 points, or 2.1%, to 11,932.27, as the yen remained steady against the dollar — the greenback was at 93.32 yen late in Asian trade.
In Hong Kong, the Hang Seng index advanced 217.84 points, or 1%, to 22,777.84
In Asia, many markets still have some way to go before returning to pre-crisis highs, but stocks in the region were helped by the breach of a major trading milestone in the world's largest economy. On Wednesday, both Japan and Australia were trading at their highest levels since September 2008.
The Japanese yen moved higher before the Bank of Japan announced the results of its policy meeting on Thursday. Expectations for a change in monetary policy are low for current central bank Gov. Masaaki Shirakawa's last meeting. He is expected to be replaced by governor nominee Haruhiko Kuroda.
The Nikkei was helped higher by another surge in major index constituent Fast Retailing, which jumped 8.1% to a fresh all-time high. The company behind the Uniqlo chain of stores added to Tuesday's 5.5% rise, after the firm's discount apparel chain "GU" said it would expand its line of clothing for spring and summer.
The biggest mover on the Nikkei was Sharp Corp., which surged 14.1% following news that the electronics firm was in talks with Samsung Electronics for the South Korean technology giant to invest around 10 billion yen in shares in the Japanese firm.
Samsung Electronics gained 0.7% in Seoul and South Korea's Kospi Composite which advanced 0.5% to 2020.74.
Stocks in Australia rose after growth data met expectations, with gross domestic product for the fourth quarter expanding 0.6% on-quarter.
Also in Hong Kong, Standard Chartered rose 1.9% after the emerging markets-focused bank posted a tenth consecutive year of record profits. The stock set a 52-week high of HK$215.00 intraday.
CHINA
In China, stocks continued to recover from Monday's sharp drop—a fall brought about by Beijing's new measures to control the property market.
The Shanghai CSI 300 Composite 300 index gained 27.40 points, or 1%, to 2,650.20
In other markets
In Korea, the Kospi Index inched up 4.13 points, or 0.2%, to 2,020.74
In Taiwan, the Taiex Index prospered 17.59 points, or 0.2%, to 7,950.30
The Singapore Straits Times Index added 43.55 points, or 1.3%, to 3,291.81
In New Zealand, the NZX 50 index tacked on 28.81 points, or 0.7%, to 4,297.97
In Australia, the S&P/ASX gained 41.43 points, or 0.8%, to 5,116.79
