Asia Shares Extend Relief Rally as Japan, Hong Kong Stocks Climb
- Topix has biggest gain in three months as yen weakens
- Negative North Korea news ‘partly priced in’: Partners Capital
U.S. Wants Vote on Harsher N. Korea Sanctions
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Most Asian markets rallied after the perceived threat of a North Korean missile test at the weekend failed to materialize.
The MSCI Asia Pacific Index gained 0.6 percent as to 162.53 as of 5:09 p.m. Hong Kong time, holding at its highest level since December 2007. Electric-vehicle maker BYD Co. led gains after China said it will set a deadline to phase out the sale of cars powered by fossil fuels. Japan’s Topix had its steepest increase in more than three months as the yen weakened against the U.S. dollar. Hong Kong shares also advanced, with 40 of 50 Hang Seng Index members rising.