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Asia shares rise ahead of Fed meeting Asian shares rally to hit new highs
(about 2 hours later)
Asian markets traded higher on Tuesday, taking a positive lead from Wall Street ahead of a Federal Reserve meeting in the US. Most Asian markets hit high new highs, taking a positive lead from Wall Street ahead of the Federal Reserve meeting.
Investors bet downbeat data on US manufacturing, industrial output and housing on Monday would lead the central bank to be cautious in its plans to raise interest rates. Investors bet that downbeat data on US manufacturing, industrial output and housing released on Monday would lead the central bank to be cautious in its plans to raise interest rates.
In Japan, the Nikkei 225 jumped 0.8% at 19,405.11 to a new 15-year high. In Japan, the benchmark Nikkei 225 closed up 1% at 19,437 after hitting a new 15-year high of 19,479.89.
Investors are also awaiting the Bank of Japan's policy decision later today. Sentiment was also boosted by the Bank of Japan's upbeat economic view.
The central bank is widely expected to maintain its aggressive monetary easing plan aimed at spurring growth and inflation of 2%. As expected, the central bank maintained its aggressive easing stance aimed at spurring growth.
The dollar was at 121.45 yen, compared with 121.35 yen in New York overnight. The dollar was at 121.36 yen, little unchanged from 121.35 yen in New York overnight.
Chinese shares continued the upward trend after hitting a five-year high on Monday. Mainland shares jump
The Shanghai Composite was up 0.7% to 3,472.44, while Hong Kong's Hang Seng index was higher 0.3% to 24,025.46. Chinese shares were near seven-year highs after closing at a five-year high on Monday.
Australian shares were higher with the S&P/ASX 200 index up 1.1% to 5,861.9 - leading the region's gains. The Shanghai Composite was up 1.3% at 3,492.44 - holding firmly above the key 3,400 threshold. The benchmark is on track for positive gains for the fifth consecutive day.
Shares of mining giant BHP Billiton were up 1.2% after it revealed more details about plans to spin off its business in a new company called South32. Shares in China Railway Construction jumped 5.6% and China Railway Group gained 5.1% after local media reported that the state-backed firms are planning to merge to eliminate competition.
In South Korea, benchmark Kospi index was up 1.1% to 2,008.84. However, Hong Kong's Hang Seng index bucked the regional trend and was down 0.3% at 23,876.67.
Australian shares closed higher, with investors encouraged after minutes from the Reserve Bank of Australia suggested another rate cut could be on the cards.
The benchmark S&P/ASX 200 index was up 0.8% at 5,842.1.
Shares of mining giant BHP Billiton rose 1.3% after it revealed more details about plans to spin off some of its assets into a new company called South32.
In South Korea, the Kospi index finished up 2.1% at 2,029.91 - its highest closing value since September.