Asian Stocks Advance After U.S. Share Rally as Fed Vows Patience

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Asian stocks rose, following the biggest surge in U.S. shares since October 2013, after the Federal Reserve pledged patience on interest-rate increases and the yen weakened, boosting Japanese equities.

The MSCI Asia Pacific Index climbed 0.7 percent to 134.55 as of 9:04 a.m. in Tokyo. The measure slumped 2.5 percent the previous three days as a slump in oil and Russias currency stoked concern about global growth. The Fed said it will be patient on the timeline for higher rates, replacing a pledge to keep borrowing costs near zero for a œconsiderable time, even as the economy strengthened. The Standard & Poors 500 Index jumped 2 percent yesterday while the yen slid 1.9 percent against the dollar.

Japans Topix index climbed 2.4 percent. South Koreas Kospi index added 0.6 percent. Australias S&P/ASX 200 Index gained 1.6 percent, while New Zealands NZX 50 Index rose 0.4 percent.

Source : Bloomberg