By Sarah Turner and V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) ? Japanese stocks soared to again lead a broad rally for Asian markets Wednesday, with the Nikkei Stock Average easily sailing over the 10,000-point mark for its highest finish since early April on the back of strong gains for financial and exporter shares.
The Nikkei /quotes/zigman/5986735 JP:100000018 +2.39% ?rose 2.4% to 10,160.40, taking its year-to-date gains to more than 20%.
New Zealand?s NZX 50 climbed 1.1%, Taiwan?s Taiex /quotes/zigman/1565586 XX:Y9999 +0.44% added 0.4% and China?s Shanghai Composite /quotes/zigman/1859015 CN:000001 -0.01% ? ended flat.
Australia?s S&P/ASX 200 /quotes/zigman/1653884 AU:XJO +0.49% rose 0.5% to end at a 17-month high, while Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.57% finished 0.6% higher to reach a closing level it hasn?t seen since August last year.
/quotes/zigman/5986735 100000018 10,160.40, +237.39, +2.39%Nikkei Average
One-year price chart
The South Korean market was closed for the country?s presidential election.
The rally followed strong stock gains in the U.S. on fresh signs of progress in talks to avert the fiscal cliff of tax hikes and spending cuts, due to kick in next year. Read: Stocks lifted by hopes of fiscal-cliff deal.
?What is important and what is driving the market higher is that the two [main U.S. political] parties are now in constructive discussions over specific tax levels and spending programs and working towards a common middle ground,? said IG Markets strategist Cameron Peacock.
Banks were gaining around the region. In Hong Kong, shares of heavyweight HSBC Holdings PLC /quotes/zigman/13834 HK:5 +0.50% ? /quotes/zigman/207333/quotes/nls/hbc HBC +0.25% ?added 0.5%, and China Construction Bank Corp. /quotes/zigman/35073 HK:939 +0.96% /quotes/zigman/529424/quotes/nls/cichy CICHY +0.12% ?rose 1%.
Japanese financials were also notable gainers, with Mitsubishi UFJ Financial Group Inc. /quotes/zigman/267078 JP:8306 +6.10% /quotes/zigman/392753/quotes/nls/mtu MTU +4.67% ?soaring 6.1%, Nomura Holdings Inc. /quotes/zigman/196701 JP:8604 +4.74% /quotes/zigman/296367/quotes/nls/nmr NMR +7.32% ?climbing 4.7%, and Resona Holdings Inc. /quotes/zigman/292482 JP:8308 +3.05% ? /quotes/zigman/292488/quotes/nls/rsnhf RSNHF 0.00% ?up 3.1%.
Deutsche Bank upgraded its rating on major banks to overweight from market-weight, saying that a gradual increase in yields on Japanese government bonds would be positive for bank shares.
Also, expectations of a policy drive the end an era of deflation in the country will likely send risk premiums lower and very long-term interest rates higher, which should be ?basically positive for insurance stocks,? the analysts said. The Bank of Japan is due to review its monetary policy Thursday.
Among Japanese insurers Wednesday, Tokio Marine Holdings Inc. /quotes/zigman/292050 JP:8766 +4.94% ? /quotes/zigman/516907/quotes/nls/tkomy TKOMY +3.05% climbed 4.9% and MS&AD Insurance Group Holdings Inc. /quotes/zigman/487197 JP:8725 +7.14% /quotes/zigman/592802/quotes/nls/msady MSADY +4.56% jumped 7.1%.
Foxconn workers want more overtime
Hon Hai, also known as Foxconn, pledges to limit overtime for its workers to no more than nine hours a week.
Exporters were also strong in Tokyo on dollar /quotes/zigman/4868099/sampled USDJPY +0.4253% strength, as the greenback traded around 84.33 yen, from ?84.20 in late North American trading on Tuesday.
Commonwealth Bank strategists lifted their dollar/yen end-2013 forecast to ?98 from ?83 Wednesday.
?The sharp contraction in Japan?s current-account surplus is the major reason we expect the yen to weaken substantially further in 2013,? they said.
/quotes/zigman/5986735
JP : Nikkei Idx
Volume: 0.00
Dec. 19, 2012 3:00p
/quotes/zigman/1565586 XX : Taiwan
Volume: 3.89B
Dec. 19, 2012 1:33p
/quotes/zigman/1859015 CN : China: Shanghai
Volume: 94.39M
Dec. 19, 2012 3:15p
/quotes/zigman/1653884 AU : Australia: Sydney
Volume: 0.00
Dec. 19, 2012 4:11p
/quotes/zigman/2622475 HK : HangSeng Ind
Volume: 0.00
Dec. 19, 2012 4:01p
/quotes/zigman/13834 HK : Hong Kong
Volume: 10.19M
Dec. 19, 2012 4:01p
Market CapHK$1492.03 billion
Rev. per EmployeeHK$2.96M
/quotes/zigman/207333/quotes/nls/hbc US : U.S.: NYSE
Volume: 1.49M
Dec. 18, 2012 4:03p
Market Cap$192.70 billion
Rev. per Employee$377,633
/quotes/zigman/35073 HK : Hong Kong
Volume: 318.95M
Dec. 19, 2012 4:01p
Market CapHK$1553.87 billion
Rev. per EmployeeHK$2.55M
/quotes/zigman/529424/quotes/nls/cichy US : U.S.: OTCBB
Volume: 48,315
Dec. 18, 2012 3:56p
Market Cap$194.38 billion
/quotes/zigman/267078 JP : Japan: Tokyo
Volume: 168.69M
Dec. 19, 2012 3:00p
Market Cap?5658.21 billion
Rev. per Employee?52.97M
/quotes/zigman/392753/quotes/nls/mtu US : U.S.: NYSE
Volume: 2.56M
Dec. 18, 2012 4:00p
Rev. per Employee$669,011
/quotes/zigman/196701 JP : Japan: Tokyo
Volume: 89.96M
Dec. 19, 2012 3:00p
Market Cap?1441.11 billion
Rev. per Employee?55.81M
/quotes/zigman/296367/quotes/nls/nmr US : U.S.: NYSE
Volume: 451,631
Dec. 18, 2012 4:02p
Rev. per Employee$707,785
/quotes/zigman/292482 JP : Japan: Tokyo
Volume: 28.21M
Dec. 19, 2012 3:00p
Market Cap?961.01 billion
Rev. per Employee?44.12M
/quotes/zigman/292488/quotes/nls/rsnhf US : U.S.: OTCBB
Volume: 1,900
Dec. 13, 2012 11:15a
/quotes/zigman/292050 JP : Japan: Tokyo
? 2,337.00
+110.00 +4.94%
Volume: 4.33M
Dec. 19, 2012 3:00p
Market Cap?1673.72 billion
Rev. per Employee?109.25M
/quotes/zigman/516907/quotes/nls/tkomy US : U.S.: OTCBB
Volume: 27,829
Dec. 18, 2012 3:57p
/quotes/zigman/487197 JP : Japan: Tokyo
? 1,651.00
+110.00 +7.14%
Volume: 4.52M
Dec. 19, 2012 3:00p
Market Cap?937.91 billion
Rev. per Employee?93.33M
/quotes/zigman/592802/quotes/nls/msady US : U.S.: OTCBB
Volume: 184,629
Dec. 18, 2012 3:58p
/quotes/zigman/4868099/sampled US : ICAP Currencies
Volume: 0.0000
Dec. 19, 2012 9:15a
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