TOKYO stocks have jumped with the yen weakening as the Bank of Japan starts a key two-day policy meeting, while shares in other major Asian markets have mostly fallen despite Wall Street's surging to a record high.
Tokyo jumped 2.99 per cent, or 358.77 points on Wednesday, to 12,362.20. Sydney ended 0.56 per cent or 27.8 points weaker at 4,957.7 and Seoul lost 0.15 per cent or 2.93 points to 1,983.22.
Shanghai slipped 0.11 per cent or 2.44 points to 2,225.30 and Hong Kong fell 0.14 per cent or 30.33 points to 22,337.49.
Investors eagerly await the outcome of the first Bank of Japan (BoJ) policy meeting under new leadership to see if fresh easing measures aimed at boosting the world's third biggest economy meet market expectations.
The new BoJ head Haruhiko Kuroda has vowed "bold" monetary easing, while the bank in January set a two per cent inflation target aimed at pulling the troubled economy out of its damaging deflationary spiral.
"Given near-constant chatter about the need for bold policy action to achieve their 2.0 per cent inflation target, any underwhelming policy response, something they're notorious for, will see the yen strengthen to the detriment of the Nikkei," David Scutt, Treasury dealer at Arab Bank, wrote in a note to clients.
"At the very least, markets will want to see unlimited easing involving a variety of asset classes with a focus of achieving the inflation target in the near-to-medium term," he said, according to Dow Jones Newswires.
US stocks reached fresh highs on Tuesday on solid manufacturing orders data and strong results from US automakers, with the Dow Jones Industrial Average closing at a record 14,662.01, up 89.16 or 0.61 per cent.
In afternoon Tokyo trading, the dollar strengthened to 93.54 yen against 93.39 yen in New York late on Tuesday.
The euro remained weak following the release on Tuesday of poor manufacturing and jobs data for the eurozone, buying $1.2817 and 119.66 yen against $1.2813 and 119.70 yen in US trade.
On a positive note, Cyprus has been given two more years, until 2018, to meet the conditions of a 10 billion euro ($A12.36 billion) bailout under a final agreement with eurozone lenders which gives the island nation a little more breathing room.
Oil was down in Asia. New York's main contract, West Texas Intermediate light sweet crude for delivery in May, shed 54 cents to $96.65 a barrel and Brent North Sea crude for May delivery dropped 39 cents to $110.30 in afternoon trade.
Gold was at $1,570.09 an ounce at 1045 GMT (2145 AEDT) compared with $1,597.83 late on Tuesday.
In other markets:
- Taipei rose 0.37 per cent, or 29.17 points, to 7,942.35.
MediaTek gained 2.30 per cent to Tw$356.0. while SinoPac Financial Holding rose 2.80 per cent at Tw$14.70.
- Wellington rose 0.03 per cent, or 1.44 points, to 4,412.84.
Telecom Corp. was up 3.59 per cent at NZ$2.45 while Contact Energy was down 2.18 per cent at NZ$5.39.
- Manila rose 0.99 per cent, or 66.87 points, to 6,815.30.
SM Investments Corp. rose 0.79 per cent to 1,139 pesos while Philippine Long Distance Telephone Co. gained 0.83 per cent to 2,910 pesos.
- Singapore rose 0.13 per cent, or 4.18 points, to close at 3,321.77.
Real estate company City Developments gained 0.90 per cent to Sg$11.26 while Oversea-Chinese Banking Corporation dropped 0.19 per cent to Sg$10.67.
- Kuala Lumpur ended flat to close at 1,685.40.
Hong Leong Financial Group added 1.2 per cent to 15.18 ringgit, while CIMB Group Holdings rose 1.2 per cent to 7.74.
- Jakarta ended up 0.49 per cent, or 24.22 points, at 4,981.47.
Miner Aneka Tambang rose 3.60 per cent to 1,440 rupiah, while cigarette manufacturer Hanjaya Mandala Sampoerna slipped 0.12 per cent to 85,000 rupiah.
- Bangkok lost 1.94 per cent, or 30.02 points, to 1,520.52.
Telecoms company Advanced Info Service fell 3.77 per cent to 230.00 baht, while Siam Cement dropped 2.92 per cent to 466.00 baht.
- Mumbai fell 1.26 per cent, or 239.31 points, to 18,801.64 points.
Bharti Airtel fell 3.95 per cent to 280.65 rupees, while Tata Motors fell 3.45 per cent to 257.6 rupees.
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