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Asian Shares Gain Again on Yellen's Dovish Remarks
By: MT Newswires
Asian stocks rose, still rising on comments from Federal Reserve Chairman nominee Janet Yellen.
Yellen said during her Senate hearing that it's important that policy makers do not remove support for the U.S. economy too soon given the limited range of tools available to the Fed, which has to promote a "very strong recovery."
China shares also got a boost from policy direction. China's Communist Party's Central Committee passed a 20,000-word "decision about major issues related to reform" that addresses 15 areas and 60 "concrete tasks," said Yang Weimin, a deputy head at the Office of the Central Leading Group on Financial & Economic Affairs, according to a People's Daily report.
Markets in India are closed for a holiday.
In ADR news, Mizuho Financial Group ( MFG ) raised its net-income outlook.
SINA Corporation ( SINA ) priced its US$700 million offering of convertible senior notes due 2018. The notes could be convertible into ordinary shares based on an initial conversion rate of 8.0841 of ordinary shares per US$1,000 principal amount of notes. The notes will bear interest at a rate of 1.00% per year, payable semiannually in arrears.
The Nikkei ended up 1.95% at 15,165.92, the Hang Seng up 1.69% at 23,032.15 and Shanghai up 1.68% at 2,135.83.