Japan Leads Asian Equities Higher

The Nikkei Stock Average was up 1.4%, with the dollar above ¥108, a level it broke through last Friday for the first time in two weeks. A stronger dollar is generally better for Japanese exporters, who earn in dollars and spend in yen back home.

The dollar last traded at ¥108.19, little changed from ¥108.16 late Tuesday in New York.  Elsewhere, Hong Kong’s Hang Seng gained 0.9% and Taiwan’s Taiex added 0.7%.

A stronger-than-expected rise in U.S. consumer confidence buoyed investors, as did higher U.S. Treasury yields and optimism around U.S. corporate earnings. Asia has recovered over the past two weeks, tracking the U.S. market, after a brief October slide that was triggered by a sharp decline in oil prices and deterioration in European economic growth.

WSJ

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