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Asian shares rally to hit new highs Asian shares rally to hit new highs
(about 2 hours later)
Most Asian markets hit high new highs, taking a positive lead from Wall Street ahead of the Federal Reserve meeting.Most Asian markets hit high new highs, taking a positive lead from Wall Street ahead of the Federal Reserve meeting.
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.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 benchmark Nikkei 225 closed up 1% at 19,437 after hitting a new 15-year high of 19,479.89.In Japan, the benchmark Nikkei 225 closed up 1% at 19,437 after hitting a new 15-year high of 19,479.89.
Sentiment was also boosted by the Bank of Japan's upbeat economic view. Shares in carmaker Toyota helped to boost the market, rising 0.7%.
As expected, the central bank maintained its aggressive easing stance aimed at spurring growth.
The dollar was at 121.36 yen, little unchanged from 121.35 yen in New York overnight.The dollar was at 121.36 yen, little unchanged from 121.35 yen in New York overnight.
Mainland shares jumpMainland shares jump
Chinese shares were near seven-year highs after closing at a five-year high on Monday. Chinese shares continued to climb after closing at a five-year high on Monday.
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. The Shanghai Composite closed up 1.55% at 3,502.85 - its highest close since mid-2008.
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. Shares in China Railway Construction jumped 5.6% and China Railway Group gained 5.1% after local media reported that the state-backed firms were planning to merge to eliminate competition.
However, Hong Kong's Hang Seng index bucked the regional trend and was down 0.3% at 23,876.67. However, after a three-day rally, Hong Kong's Hang Seng index bucked the regional trend to close down 0.20% at 23,901.49.
Australian shares closed higher, with investors encouraged after minutes from the Reserve Bank of Australia suggested another rate cut could be on the cards.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.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.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.In South Korea, the Kospi index finished up 2.1% at 2,029.91 - its highest closing value since September.