Stocks in Hong Kong advanced strongly Wednesday after the government announced tax-relief measures, lifting the likes of HSBC Holdings and property companies such as Cheung Kong (Holdings).
Tokyo's benchmark Nikkei 225 index rose 206.58 points, or 1.49 percent, to close at 14,031.30, its highest since Jan. 11. The Hang Seng Index rose 769.09 points to 24,483.84.
Japanese insurers and banks gained. Millea Holdings added 1.5 percent and Mizuho Financial Group climbed 3.3 percent.
Technology shares like Sony Corp. and TDK Corp. also rallied on news of the IBM buyback plan.
Earlier in the day, Hong Kong's financial secretary, John Tsang, reduced the standard rates on salaries and corporate taxes by one percentage point each, to 15% and 16.5%, respectively.
In addition, he offered a one-off rebate of 75% to both categories of taxpayers during the next financial year, subject to a ceiling of HK$25,000 ($3,205).
Leading the advance, shares of bourse operator Hong Kong Exchanges & Clearing jumped 6.9% and HSBC Holdings advanced 3.3%.
Property counters rallied on hopes the tax cuts would lead to greater demand for residential property, with Cheung Kong rising 3.5% and Sun Hung Kai Properties rising 2.3%.
Elsewhere:
Australia's S&P/ASX 200 advanced 1.8% to 5,767.20.
New Zealand's NZX 50 index climbed 0.5% to 3,562.37.
South Korea's Kospi gained 0.7% to 1,720.89.
Taiwan's Weighted index gained 1.9% at 8,462.08.
with files from other services
