Asian shares markets rose Monday, with the Japanese market getting a lift from exporters on the back of a fall in the yen.
The Nikkei 225 index in Tokyo skyrocketed 276.89 points, or 2.7%, to 10,400.47
The Hang Seng Index in Hong Kong vaulted 483.25 points, or 2.4%, to 20,377.27
Many investors also bought back stocks that were sold in reaction to the U.S. Federal Reserve's discount rate hike last week.
Sentiment was lifted by the mild rise in U.S. stocks Friday, as jitters over the Fed's discount rate hike after the U.S. close Thursday faded.
Resources-related stocks were sharply higher on stronger commodity prices, while exporters also rose on the U.S. dollar's gains against the yen. Shippers Nippon Yusen rose 3.7% and Mitsui O.S.K. Lines surged 3.4% while Sumitomo Metal Mining added 2.9%. Among exporters, Honda Motor was up 2.9%, Toyota Motor rose 2.7% and Sony gained 3.2%.
In Australia, there was some optimism with regard to the Greek debt problems after Der Spiegel reported Greece will receive EUR20 billion-EUR25 billion in emergency aid, even though the German finance ministry has denied the report.
Banks and resources were driving the market, with Westpac up 2.5% and BHP Billiton up 2.4%.
Telstra was down 4.4% as the stock went ex-dividend.
Fairfax Media rose 2.0% in the wake of a stronger-than-expected 148.8-million-Australian-dollar net profit for its fiscal first half.
In New Zealand, carpets maker Cavalier was flat even though it reported "pretty reasonable results" and a more positive outlook, said one expert. Property For Industry was down 0.9% at NZ$1.12 following release of its first-half result. The experts said the results met expectation and had already been priced in.
Heavyweight Telecom was up 1.3% after the New Zealand Commerce Commission recommended the telecommunications minister accept voluntary mobile termination rate price cuts by major players rather than imposing regulation.
In Korea, STX Corp surged 6.4% after it decided not to join the bidding for a stake in Daewoo Engineering & Construction Co.
Among other stocks, Hyundai Motor was up 1.8%, Korean Air added 2.1% and Samsung Electronics rose 1.8%.
In foreign exchange markets, the euro was higher against the U.S. dollar and the Japanese yen.
The euro was at $1.3627 U.S. against the greenback from $1.3613 U.S. in late New York trade Friday, and at Y124.96 from Y124.64. The dollar was at Y91.72 from Y91.65.
CHINA
Many were keeping a close watch on how Chinese stock markets perform. Chinese authorities on Feb. 12 hiked banks' reserve requirement ratio by 50 basis points, raising concerns that the government would tighten policy significantly in coming months.
Investors in China have not had a chance to react to the news as the move was made after the markets closed, and before the country went on a week-long Lunar New Year break.
Shanghai’s CSI 300 Index tailed off 17.93 points, or 0.6%, to 3,233.34
Elsewhere:
Korea’s Kospi Index added 33.20 points, or 2.1%, to 1,627.10
Singapore’s Straits Times Index nosed ahead 0.32 points to 2,757.46
Taiwan’s Taiex Index leaped 118.20 points, or 1.6%, to 7,560.04
New Zealand’s NZX Index picked up 22.67 points, or 0.7%, to 3,129.75
Australia’s S&P/ASX 200 moved higher 82.40 points, or 1.8%, to 4,717.50
