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World|business|December 19, 2014 / 01:19 PM
Asia stocks boast biggest rise in 15 months, BOJ brightens

AKIPRESS.COM - e5d3c87fc4beb2d64c47087eaf50566dAsian shares enjoyed their best day in 15 months on Friday, after Wall Street boasted its biggest two-day advance since late 2011 amid relief the Federal Reserve was in no rush to withdraw stimulus from the U.S. economy.

The gains came even as oil stayed under pressure, suggesting equity investors were beginning to see the positives in lower fuel costs and increased consumer spending power.

Japan's Nikkei JNIc1 climbed 2.0 percent to erase most of it's recent losses, while Australia's main index romped ahead by 2.1 percent .AXJO.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS put on 1.5 percent, the steepest daily rise since September last year. Shares in Shanghai hit their highest in four years .SSEC before running into profit taking.

"Risk sentiment is ending the week on a stronger footing after a poor start," said analysts at Barclays. "Market expectations for ECB QE add to the Fed's upbeat message on U.S. growth and stabilization in Russia."

Extending Asia's bound, spreadbetter expect European markets to open between 0.6 percent and 0.7 percent.

Earlier, the Bank of Japan ended its last policy meeting of the year by recommitting to a massive stimulus campaign, printing yen to buy significant amounts of government bonds. It also offered a brighter view of the economy in a sign of confidence Japan can weather global market turbulence and the financial crisis in Russia.

BOJ Governor Haruhiko Kuroda will likely repeat calls for firms to increase wages at his post-meeting news conference, as well as urge Prime Minister Shinzo Abe to press ahead with fiscal and structural reforms.

On Wall Street, investors were still celebrating the Fed's pledge to be patient in raising rates. The Dow .DJI surged 2.43 percent, while the S&P 500 .SPX gained 2.4 percent and the Nasdaq .IXIC 2.24 percent.

That was the biggest daily rise for the S&P since January 2013 and left it up 4.5 percent in just two sessions, reports Reuters. 

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