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Asia shares higher following strong Wall Street lead Japanese shares end four-day losing streak
(about 7 hours later)
Asian shares headed mostly higher, following gains on Wall Street as Japanese shares led the way after four days of losses. Asian shares headed mostly higher following gains on Wall Street, as Japanese shares led the way and ended a four-day losing streak.
US benchmark indexes - the Dow Jones, S&P 500 and the Nasdaq - all closed over 1.2% overnight on a rally by technology and banking shares - setting a positive tone for the Asian session. US benchmark indexes - the Dow Jones, S&P 500 and the Nasdaq - all closed more than 1.2% higher overnight on a rally by technology and banking shares - setting the tone for Asia.
Japan's Nikkei 225 was up 1.2% to 20,290.18 in early trade. Japan's Nikkei 225 closed up 1.7% at 20,382.97, posting the biggest percentage gain in four months.
The yen strengthened against the dollar after the central bank's comments. The yen strengthened on the US dollar.
Bank of Japan Governor Haruhiko Kuroda said the currency is already "very weak" on Wednesday. The rally came after Bank of Japan Governor Haruhiko Kuroda said the currency is already "very weak" on Wednesday.
The dollar was at 122.96 yen in Tokyo, compared with 122.67 yen in New York. The dollar was at 123.21 yen in Tokyo, but still some distance away from a 13-year high of 125.86 it hit last week.
Chinese markets traded mixed with Hong Kong's Hang Seng index was up 0.6% to 26,844.87, while the Shanghai Composite was down 0.8% to 5,065.02. China data
South Korean shares headed higher after the country's central bank cut interest rates to a record low, citing a deadly outbreak of MERS as a concern for the economy. Chinese markets experienced mixed trading on economic data released during the afternoon session.
The benchmark Kospi index was up 0.5% to 2,061.23. Retail sales and industrial production rose 10.1% and 6.1% respectively in May from the previous year, with both measures in line with expectations.
In Australia, the S&P/ASX 200 index was 1.2% to 5,545.50. Fixed asset investment, meanwhile, grew more slowly than forecast, up 11.4% in the first five months of the year from a year ago.
Shares gained momentum after data showed that Australian employment jumped in May by 42,000, well above expectations, while the jobless rate fell to a one-year low of 6%. Hong Kong's Hang Seng index closed up 0.83% to 26,907.85, while the Shanghai Composite closed up 0.3% to 5,121.59.
Interest rate cuts
South Korean shares headed higher after the country's central bank cut interest rates to a record low, citing a deadly outbreak of Mers as a concern for the economy.
The benchmark Kospi index finished up 0.3% to 2,056.61 - ending a four-day losing streak.
The country followed a surprise move made earlier in the day by New Zealand's central bank, which also cut interest rates by 25 basis points to 3.25%.
The benchmark NZ50 share index closed up 0.9% to 5,856.57 after the central bank left the door open for further easing to boost a slowing economy.
In Australia, the S&P/ASX 200 index ended higher 1.4% to 5,556.70 on positive employment data.
Australian employment jumped in May by 42,000 jobs, well above expectations, while the unemployment rate fell to a one-year low of 6%.