HONG KONG: Asian markets climbed on Wednesday, with continuing weakness in the yen further fuelling a rally in Japan's Nikkei, while the Dow also provided some lift after ending at a near record high.
Traders are keeping an eye on the United States, where the Federal Reserve is due to end a two-day policy meeting, with analysts expecting it to carry on with its loose monetary policy.
Tokyo climbed 1.20 per cent, Hong Kong added 0.48 per cent, Sydney gained 0.23 per cent, Shanghai added 0.20 per cent and Seoul was flat.
The euro and dollar extended their gains against the yen in response to the Bank of Japan's pledge of unlimited easing last week and its target of two per cent inflation.
Investors took on board a comment from Japan's Finance Minister Taro Aso, who defending the country's easing policies against criticism from abroad, said the yen's "excessive strength is in correction".
A senior dealer at a major bank in Tokyo said: "The comment is nothing new so it can't push up the pair like a rocket anymore, but it still has some power left."
The dollar was changing hands at 90.95 yen in early Asian trade Wednesday against 90.72 yen in New York Tuesday afternoon.
The euro was at 122.67 yen and $1.3487 against 122.42 yen and $1.3493 in US trade.
On Wall Street the Dow rose 0.52 per cent to finish just 1.5 per cent below its all-time closing high seen in October 2007, despite a lack of buying incentives and a weaker-than-expected consumer confidence reading.
The S&P 500 advanced 0.51 per cent and the Nasdaq was flat.
US dealers are awaiting the outcome of the Fed's policy meeting later in the day, looking for new clues to the state of the economy. That will be followed on Friday by data on job creation.
Oil prices were down, with New York's main contract, light sweet crude for delivery in March dropping 12 cents to $97.45 a barrel and Brent North Sea crude for March delivery shedding five cents to $114.31.
Gold was at $1,664.00 at 0230 GMT compared with $1,661.10 late Tuesday.
- AFP/ck
Asian markets rise as Dow nears record high
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Asian markets rise as Dow nears record high
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Asian markets rise as Dow nears record high
