Asian stock markets rose yesterday following modest gains on Wall Street and amid increased confidence the Dubai debt crisis was unlikely to derail the global recovery.Most major benchmarks were up about 1 percent or more while Tokyo stocks surged on news the central bank was holding an unscheduled board meeting amid government pressure to do more about the surging yen and falling consumer prices.
Global markets tumbled late last week after government investment arm Dubai World sought delays in repaying its US$60 billion of debts but the panic about a new wave of financial instability had eased by Monday.
In Japan, the Nikkei 225 stock average closed up 226.65, or 2.4 percent, to 9,572.20 as investors awaited news from the Bank of Japan meeting and digested plans for new government stimulus spending of at least 2.7 trillion yen (US$31 billion).
Hong Kong's Hang Seng gained 274.14, or 1.3 percent, to 22,095.64 and South Korea's Kospi rose 14.12, or 0.9 percent, to 1,569.72.
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