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Asia Recovers on RBA Word

Asia-Pacific markets rebounded on Tuesday as Wall Street rallied overnight, with investors assessing the Reserve Bank of Australia’s interest rate decision.

In Japan, the Nikkei 225 index rebounded 379.69 points, or 1.8%, to 38,482.11.

On Tuesday, Reuters reported that Bank of Japan Governor Kazuo Ueda told the country’s parliament that the central bank could raise rates in July, depending on the economic data available at the time.

Japanese automaker Toyota has re-elected Akio Toyoda as its board chairman, disregarding two proxy advisers’ recommendation to vote against his re-election.

In Hong Kong, the Hang Seng index dipped 20.57 points, or 0.1%, to 17,915.55.

Korean shares regained lost ground, led by gains in chipmakers Samsung Electronics up 2.18%, and SK Hynix, which rose about 5.16%.

Automaker Hyundai also hit a fresh record, gaining about 1.62% on news that it plans to list its India unit in Mumbai.

As for the RBA, it held its benchmark interest rate at 4.35% for its fifth straight meeting, saying that inflation “remains above target and is proving persistent.”

The RBA also noted that the economic outlook remained “uncertain,” with recent data signaling that achieving the inflation target was unlikely to be smooth.

In other markets

In Shanghai, the CSI 300 recovered 9.39 points, or 0.3%, to 3,545.59

In Singapore, markets returned from a long weekend, as the Straits Times Index gathered 4.23 points, or 0.1%, to 3,301.78.

In Korea, the Kospi index restocked 19.82 points, or 0.7%, to 2,763.92.

In Taiwan, the Taiex index popped 260.9 points, or 1.2%, to 22,757.43.

In New Zealand, the NZX 50 gained 68.89 points, or 0.6%, to 11,767.40.

In Australia, the ASX 200 moved higher 77.82 points, or 1%, 7,778.08.