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Asian markets regain ground amid rouble tumble Asian shares steady amid Russia crisis
(about 5 hours later)
Asian markets regained some ground as investors look to the US Federal Reserve's last policy meeting of the year. Asian stock markets held steady on Wednesday, although nerves over the rouble crisis in Russia led to investors seeking safer assets.
Any indication on when US rates may rise will be closely watched. Yields on sovereign bonds hit yearly records, with yields on 30-year US Treasury bonds touching their lowest since late 2012 at 2.67%.
Japan's Nikkei index recouped some of its recent declines, rising 0.5% to 16839.29. Hong Kong's Hang Seng rose 0.2% to 22,712.12. The yen - considered a haven currency in times of crisis - strengthened to 116.79 against the dollar.
Yields on sovereign bonds hit yearly records as investors sought cover in less risky investments. Japan's Nikkei share index closed up 64.41 points at 16,819.73.
Yields on 30-year US Treasury bonds touched their lowest since late 2012 at 2.67%. Hong Kong's Hang Seng index was down 64.37 points at 22,606.13 while the Shanghai Composite rose 17.58 points to 3,039.10.
Japan's trade deficit in November shrank by 32% from a year ago, helped by higher exports and falling oil prices, although the amount shipments to foreign markets remained slow, according to official data. In Australia, the ASX200 index ended the day up 9.62 points at 5,161.86, while the Kospi index in South Korea slipped 3.97 points to 1,900.16.
Russia's central bank made a dramatic attempt to prop up the value of the rouble by raising interest rates to 17% from 10.5%. Investors have been on edge following the Russian central bank's dramatic attempt to prop up the value of the rouble by raising interest rates to 17% from 10.5%.
But the move failed to work, with the rouble tumbling to a record low of 79 to the dollar, before recovering to about 68. The move failed to work, with the rouble tumbling to a record low of 79 to the dollar, before recovering to about 68.
Oil prices have continued to fall. Brent crude lost another 18 cents to $59.83 a barrel, while US crude was down 53 cents at $55.40. Investors will also be watching the latest announcement from the US Federal Reserve with keen interest.
There is speculation that the US central bank will end its commitment to keep interest rates low for a "considerable period". If that happens, it could lead to a flow of money out of emerging markets and in to the US.