Asian markets surged Wednesday, with Japanese stocks jumping 2.5 percent as investors gave new Prime Minister Shinzo Abe a vote of confidence that he will carry on economic reforms, AP REPORTED. Wall Street's overnight gains also buoyed the region's markets, lifting Singapore to a four-month high. Tokyo's Nikkei 225 index rose 390.42 points, or 2.51 percent, to 15,947.87, the index's highest close since Sept. 8. It was the Nikkei's biggest percentage gain since July 20. Stocks rallied after new Prime Minister Shinzo Abe appointed market-friendly financial veterans to his Cabinet Tuesday, including new Finance Minister Koji Omi, who led Japan's Economic Planning Agency in the late 1990s and was responsible for championing many early reforms. «The market welcomed the Abe administration's coming to power, considering that the government may come up with necessary steps to keep the country's economic growth on track,» said Nagayuki Yamagishi, investment strategist with Mitsubishi UFJ Securities. Gains overnight on Wall Street, where the Dow Jones industrial average rose to its second-best close ever, also boosted investor confidence. The U.S. Conference Board said its consumer confidence index for September rose more than expected, sending a positive signal about the U.S. economy _ a major export market for Asia. «The latest data proved underlying strength of the U.S. economy, erasing some fears of retreat,» Yamagishi said. Gainers included Fanuc Ltd., Toyota Motor Corp., Mitsubishi Estate Co. and Shin-Etsu Chemical Co. In Hong Kong, shares rebounded, tracking gains in regional markets as falling U.S. bond yields helped boost demand for bankiny, up from 117.10 yen from late Tuesday in New York. The euro rose US$1.2692 from US$1.2691.
