Asian markets mostly rose Wednesday after the Dow on Wall Street hit a more than four-year high, while the US Fed gave an upbeat assessment of the economy and top US banks passed crucial stress tests.
The dollar soared to an 11-month high above 83 yen, sending Tokyo shares surging, while the sense of optimism was boosted by a surprise move by Fitch to raise Greece's credit rating out of default.
Tokyo jumped 1.53 percent, or 151. 44 points, to 10,050.52 -- its first close above 10,000 since July -- while Sydney gained 0.93 percent, or 39.6 points, to 4,287.2 and Seoul rose 0.99 percent, or 20.04 points, to 2,045.08.
However, Hong Kong and Shanghai gave up their early gains to end in negative territory after Chinese Premier Wen Jiabao warned of a risk of a property bubble, denting hopes of an easing of tight real estate rules.
Hong Kong closed 0.15 percent, or 31.81 points, lower at 21,307.89 and Shanghai tumbled 2.63 percent, giving up 64.57 points to 2,391.23.
Traders were given a strong lead by the Dow Jones Industrial Average, which jumped 1.68 percent to 13,177.68 -- its best finish since December 31, 2007 -- thanks to a string of good news.
The US central bank, following its monthly policy meeting Tuesday, upgraded its view of the world's number one economy, saying the jobs market and consumer and business spending had improved since January.
While acknowledging it was still facing problems the Fed, which kept interest rates on hold at record lows, said: "Labor market conditions have improved further; the unemployment rate has declined notably in recent months but remains elevated."
"Strains in global financial markets have eased, though they continue to pose significant downside risks to the economic outlook."
The comments contrasted with the downbeat tone of Fed chairman Ben Bernanke in testimony to Congress on February 29, when he said consumer sentiment and spending capability remained weak and was holding back the economy.
The statement came as another batch of data showed retail sales surged 1.1 percent month on month in February, the fastest pace in five months. Consumer spending accounts for about 60 percent of gross domestic product in the United States.
Sentiment in the financial sector was also lifted after the Fed said 15 US banks, including JPMorgan Chase and Wells Fargo, had passed tests to see if they would be able to withstand another economic meltdown.
The move allowed the banks to announce a surge in dividend payments.
On currency markets the dollar briefly rose to 83.50 yen in Tokyo, its highest since April, before settling back to 83.45 yen in the afternoon.
The greenback was trading at 82.90 yen in New York late Tuesday.
The sell-off in the safe-haven yen suggested increasing optimism about the global economy, said Jonathan Lewis, chief investment officer at Samson Capital Advisors in New York. "If you're not worried, what do you need a safe-haven for?" he asked.
News Bureau,
The dollar soared to an 11-month high above 83 yen, sending Tokyo shares surging, while the sense of optimism was boosted by a surprise move by Fitch to raise Greece's credit rating out of default.
Tokyo jumped 1.53 percent, or 151. 44 points, to 10,050.52 -- its first close above 10,000 since July -- while Sydney gained 0.93 percent, or 39.6 points, to 4,287.2 and Seoul rose 0.99 percent, or 20.04 points, to 2,045.08.
However, Hong Kong and Shanghai gave up their early gains to end in negative territory after Chinese Premier Wen Jiabao warned of a risk of a property bubble, denting hopes of an easing of tight real estate rules.
Hong Kong closed 0.15 percent, or 31.81 points, lower at 21,307.89 and Shanghai tumbled 2.63 percent, giving up 64.57 points to 2,391.23.
Traders were given a strong lead by the Dow Jones Industrial Average, which jumped 1.68 percent to 13,177.68 -- its best finish since December 31, 2007 -- thanks to a string of good news.
The US central bank, following its monthly policy meeting Tuesday, upgraded its view of the world's number one economy, saying the jobs market and consumer and business spending had improved since January.
While acknowledging it was still facing problems the Fed, which kept interest rates on hold at record lows, said: "Labor market conditions have improved further; the unemployment rate has declined notably in recent months but remains elevated."
"Strains in global financial markets have eased, though they continue to pose significant downside risks to the economic outlook."
The comments contrasted with the downbeat tone of Fed chairman Ben Bernanke in testimony to Congress on February 29, when he said consumer sentiment and spending capability remained weak and was holding back the economy.
The statement came as another batch of data showed retail sales surged 1.1 percent month on month in February, the fastest pace in five months. Consumer spending accounts for about 60 percent of gross domestic product in the United States.
Sentiment in the financial sector was also lifted after the Fed said 15 US banks, including JPMorgan Chase and Wells Fargo, had passed tests to see if they would be able to withstand another economic meltdown.
The move allowed the banks to announce a surge in dividend payments.
On currency markets the dollar briefly rose to 83.50 yen in Tokyo, its highest since April, before settling back to 83.45 yen in the afternoon.
The greenback was trading at 82.90 yen in New York late Tuesday.
The sell-off in the safe-haven yen suggested increasing optimism about the global economy, said Jonathan Lewis, chief investment officer at Samson Capital Advisors in New York. "If you're not worried, what do you need a safe-haven for?" he asked.
News Bureau,
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