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Asian shares higher on hopes of more European stimulus Japan's Nikkei leads Asian markets
(about 5 hours later)
Asian markets headed higher on hopes of more stimulus in Europe after closing down on Monday on news of a recession in Japan. The Nikkei led Asian markets on Tuesday after closing down on Monday on news of a recession in Japan.
Japan's Nikkei 225 was up 1.8% to 17,271.53, following Monday's fall - the biggest one day drop since August. Japan's Nikkei 225 closed up 2.2% at 17,344.06, after suffering its biggest one-day drop since August on Monday.
Confidence was boosted by comments from European Central Bank (ECB) President Mario Draghi, who said the ECB was ready to provide more stimulus. Reports of Japanese Prime Minister Shinzo Abe calling a snap election in December and delaying a rise in the sale tax gained momentum.
Shares in Hong Kong were up 0.3% with the Hang Seng index at 23,867.19. The yen traded at 116.51 yen to the dollar after hitting a seven-year low of 117.06 on Monday.
On the mainland, the Shanghai Composite was flat at 2,472.71 after data showed that average new home prices in China's 70 major cities fell 2.6% in October from a year earlier. Confidence was also boosted by comments on Monday from European Central Bank (ECB) president Mario Draghi, who said the ECB was ready to provide more stimulus.
That marked the second consecutive month of an annual fall. Shares in Hong Kong's Hang Seng index fell 0.9% to 23,583.98 after data showed that average new home prices in China's 70 major cities fell 2.6% in October from a year earlier.
In Australia, the benchmark S&P/ASX 200 index was down 0.3% to 5,398.70 after closing at its lowest level since last month at 5,412.5. On the mainland, the Shanghai Composite was down 0.7% at 2,457.39.
South Korean shares were up 1.05%, with the Kospi at 1,964.05 points. In Australia, shares hit a three-week low as falling iron ore prices hit mining stocks.
The dollar traded at 116.77 yen, near a seven-year low of 117.06 hit after Monday's surprising economic growth data. The benchmark S&P/ASX 200 index closed down 0.2% at 5,399.7, extending Monday's near-1% fall.
Iron ore miner BC Iron led the losers, down more than 10%, while Fortescue Metal dropped more than 6%.
South Korean shares ended a three-day losing streak by closing up 1.2%, with the Kospi at 1,967.01 points.