A rise in U.S. stocks overnight, with the S&P 500 closing
above 2000 for the first time, helped lift stocks across Asia early
Wednesday.
The Nikkei Stock Average was up 0.4%, also buoyed by a slightly
stronger dollar and gains in technology shares. Semiconductor firm
Renesas Electronics Corp. advanced 2.3%, electronics giant Hitachi,
Ltd. rose 1.2% and Internet and telecoms conglomerate SoftBank
Corp. improved by 1.1%.
"Overall, investors keep buying the dollar," on the back of
strength in the U.S. stock market and higher U.S. 10-year bond
yields, said Akira Moroga, manager of forex products group at
Aozora Bank. A stronger dollar-yen pair helps Japanese exporters
and tends to boost stocks in Japan.
Still, with Japan's broader index having gained 5.0% in 10 out
of the last 12 session, there are some expectations that the
benchmark will mainly tread water Wednesday as investors take
profits.
The dollar may also waver ahead of U.S. gross domestic product
data scheduled for release Thursday. Mr. Moroga said he expects the
greenback to remain in a Yen103.80-Yen104.30 range during trading
in Asia. The dollar was last at Yen104.12, just a touch higher than
Yen104.06 in New York late Tuesday.
Australia's S&P ASX 200 was up slightly by 0.1%, also aided
by gains in the U.S., where stocks now have hit a series of records
this year. Low interest rates and evidence of an economic recovery
are fueling investor confidence.
Still, like Japan, Australia's market has also had a strong run
recently, surging 4.7% in the past two weeks. Investors continue to
look out for weaker iron-ore prices weighing on mining giants like
BHP Billiton Ltd. That stock was up 0.2%, having fallen 6.2% since
last Tuesday.
South Korea's Kospi was up 0.3%.
Laura He contributed to this article.
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