By Daniel Inman
HONG KONG -- Asian markets were higher on Wednesday, with stocks
in Japan and Australia reaching fresh multiyear highs, after the
Dow Jones Industrial Average marked an all-time high Tuesday.
Regional sentiment was given a boost by a record-breaking
session on Wall Street overnight, as the Dow rose to unprecedented
heights. The rally in U.S. stocks that started in March 2009 has
finally overcome the losses associated with the global financial
crisis.
"Monetary easing measures by Japan, the U.S. and Europe are
providing excess liquidity in the market. The Dow's gains are just
part of it," said Mitsushige Akino, chief fund manager at Ichiyoshi
Investment Management.
In Asia, many markets still have some way to go before returning
to pre-crisis highs, but stocks in the region were helped by the
breach of a major trading milestone in the world's largest economy.
On Wednesday, both Japan and Australia were trading at their
highest levels since September 2008.
Japan was the best performer, as the Nikkei Stock Average rose
2.1% to 11932.27, as the yen remained steady against the dollar --
the greenback was at 93.32 yen late in Asian trade.
The Japanese yen moved higher before the Bank of Japan announced
the results of its policy meeting on Thursday. Expectations for a
change in monetary policy are low for current central bank Gov.
Masaaki Shirakawa's last meeting. He is expected to be replaced by
governor nominee Haruhiko Kuroda.
The Nikkei was helped higher by another surge in major index
constituent Fast Retailing (FRCOY), which jumped 8.1% to a fresh
all-time high. The company behind the Uniqlo chain of stores added
to Tuesday's 5.5% rise, after the firm's discount apparel chain
"GU" said it would expand its line of clothing for spring and
summer.
The biggest mover on the Nikkei was Sharp Corp. (SHCAF), which
surged 14.1% following news that the electronics firm was in talks
with Samsung Electronics for the South Korean technology giant to
invest around 10 billion yen in shares in the Japanese firm.
Samsung Electronics (SSNLF) gained 0.7% in Seoul and South
Korea's Kospi Composite which advanced 0.5% to 2020.74.
Stocks in Australia rose after growth data met expectations,
with gross domestic product for the fourth quarter expanding 0.6%
on-quarter. The S&P/ASX 200 ended up 0.8% at 5116.80.
In China, stocks continued to recover from Monday's sharp
drop--a fall brought about by Beijing's new measures to control the
property market. In mainland China, the Shanghai Composite Index
added 0.9%; while the Hang Seng Index in Hong Kong was up 1.0%.
Also in Hong Kong, Standard Chartered rose 1.9% after the
emerging markets-focused bank posted a tenth consecutive year of
record profits. The stock set a 52-week high of HK$215.00
intraday.
The price of oil was little-changed during Asian trading, with
April Nymex crude oil futures (CLJ3) up 0.2% at $90.97 per barrel
after Venezuelan President Hugo Chávez died.
Write to Daniel Inman at daniel.inman@wsj.com
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