Asian stocks gain on dovish-sounding Fed, dollar on defensive
Asian shares opened higher, following a surge in U.S. stocks as investors cheered new clarity from the Federal Reserve and a rise in oil prices.
The Fed left rates unchanged at between 0.25 percent and 0.5 percent at its March meeting and cut its projection for the number of 2016 rate hikes from four to two, and projected just two hikes in 2017. Uncertainty over how many times the Fed would hike rates this year has weighed on markets since the central bank raised them for the first time in almost nine years in December.
Japan's Nikkei 225 index was up 1.45 percent in early trade, after falling the previous two sessions. The Japanese benchmark index closed 0.83 percent lower on Wednesday. Thursday's gains came despite the yen's rise against the dollar.
The potential for more money to continue flowing into commodities and equities, rather being lured by higher U.S. interest rates, boosted crude oil and emerging market stocks.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.9 percent and Australian stocks added 0.8 percent.
US equities pushed higher on Wednesday following the latest FOMC rate decision. The DJIA added 0.43%, the S&P 500 put on 0.56% and the NASDAQ gained 0.75%.
Reference: CNBC, Reuters, MKS Group
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