Asian stocks were mostly higher Wednesday, with Japan's broadest stock market index, the Topix, rising to a more than 15-year high on gains in Nippon Steel Corp. and other steelmakers on speculation of further industry consolidation.
In Tokyo, the Nikkei 225 index ell 25.91 points, or 0.14 percent, to end the day's session at 17,913.21 while in Hong Kong, the blue-chip Hang Seng Index rose 83.51 points, or 0.41 percent, to 20,651.42.
The Bank of Japan raised its benchmark interest rate to 0.5 percent, effective Wednesday, judging that price stability and consumer spending would withstand slightly tighter credit.
The BOJ's decision came at the end of a two-day monetary policy board meeting, underscoring confidence in the ongoing moderate recovery in the world's second-largest economy.
Despite the Nikkei index's slip, steel stocks were among gainers, said Yasuhiro Kanezaki, a trader with Marusan Securities.
Elsewhere:
BANGKOK: Thai shares advanced 0.3 percent at 692.38, as actively-traded small stocks rose on speculative buying.
JAKARTA: Indonesian shares rose 10.08 points, or 0.6 percent, to close at 1,816.57 in moderate volume amid selective blue chip buying.
KUALA LUMPUR: Malaysian shares rose on sustained buying interest in blue chips by foreign funds and almost feverish retail participation in small-caps and penny stocks, broker said. The Kuala Lumpur Composite index jumped 1.3 percent to fresh year high of 1,278.22.
MANILA: Philippine shares rose for the second straight session on gains in Philippine Long Distance Co., amid big drops in mining stocks. The 30-company Philippine Stock Exchange Index gained 3.61 points, or 0.1 percent, to close at 3,378.92.
MUMBAI: Indian shares ended lower, dragged down by Hindustan Lever and Ranbaxy Laboratories as investors unwound their outstanding long positions a day before the expiry of February derivatives contracts. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, fell 0.5 percent, or 64.89 points, at 14,188.49.
SEOUL: South Korean shares fell, snapping five straight gains, as banks and construction companies declined. The Korea Composite Stock Price Index fell 1.58 points, or 0.1 percent, to 1,451.38.
SINGAPORE: Singapore's shares surged to a record high, led by strengths in banks and property stocks. The benchmark Straits Times Index closed up 56.68 points, or 1.8 percent, at 3,293.61.
WELLINGTON: New Zealand stock prices fell for the fourth session, and brokers suggested that sellers would continue to rule the market ahead of key blue chip results later this week. The benchmark NZX-50 was down 14.7 points, or 0.4 percent, to 4,095.78.
SYDNEY: Australian stocks slipped 0.6 percent as some of the heat from the local profit season unraveled, and investors cashed in on profits. The benchmark S&P/ASX200 index fell 37.9 points to 5,951.8.
