Asian markets rose Thursday after shares climbed on Wall Street overnight, with China's benchmark surpassing the 5,000-level for the first time, DPA reported. Japan's benchmark Nikkei 225 index jumped 415.68 points, or 2.61 percent to close at 16,316.32 on the Tokyo Stock Exchange. The index finished trade Wednesday down 0.70 points _ negligible in percentage terms _ at 15,900.64 points. Shares across the region also rose on the Wall Street rally. Gains came as Wall Street surged in response to a pullback in 3-month Treasury bills and an increase in borrowing by banks. Investors saw both trends as signs that the U.S. Federal Reserve Bank's efforts to loosen up the credit market might be working. The Dow rose 145.27, or 1.11 percent, to 13,236.13. The dollar's strengthening against the yen also gave Tokyo stocks a boost, as a weaker yen makes Japanese exports less expensive and more competitive overseas. The U.S. dollar was trading at 115.74 yen at 2:50 p.m. (0550 GMT) Thursday, up from 115.06 yen late Wednesday in New York. The Bank of Japan decided Thursday to keep interest rates unchanged following a U.S. credit crunch that set off roller-coaster fluctuations on global markets. The decision, at the end of a two-day meeting, had been widely expected and left little impact on the market. Meanwhile, China's benchmark Shanghai Composite Index rose above the 5,000-level Thursday for the first time, as bullish investors snapped up blue chips on a strong outlook for corporate earnings. The index had gained 1.0 percent, or 49.28 points, to 5,029.35 by midafternoon. Hong Kong's benchmark HSI rose 2.5 percent, to 22,894.14 after midday. Traders buying blue chip issues had boosted the index as much as 3.2 percent higher in morning trade. In Australia, the benchmark S&P/ASX 200 rose 2.6 percent to 6,159.7 points. The country's central bank Thursday bought a total of 1.88 billion Australian dollars (US$1.53 billion; ¤1.13 billion) in securities to shore up a daily deficit of A$1.84 billion (US$1.49 billion; ¤1.1 billion). Wednesday the Reserve Bank of Australia made a net injection of A$2.75 billion (US$2.23 billion; ¤1.65 billion) _ its biggest one-day intervention since Sept. 12, 2001. New Zealand's central bank also said it would step in to boost liquidity in local money markets by accepting bank bills as collateral. In Indonesia, the benchmark rose 3.4 percent to 2,133.012 midday. Shares close higher in Taiwan by 2.8 percent and in the Philippines by 2.86 percent. South Korean shares were 2.3 percent higher at close on the buying of builder and shipbuilder shares.
