Asia Mostly Higher after U.S. Fed Word

Shares in Asia-Pacific rose on Thursday following the U.S. Federal Reserve’s announcement that it will start tapering the pace of its bond purchases later in November.

In Japan, markets returned from holiday, as the Nikkei 225 rocketed 273.47 points, or 0.9%, to 29,794.37.

The Japanese yen traded at 114.23 per U.S. dollar, weaker than levels below 113.6 seen against the greenback earlier this week.

In Hong Kong, the Hang Seng regained 200.44 points, or 0.8%, to 25,225.19.

The Fed announced Wednesday it will begin reducing the pace of monthly bond purchases later this month. The move was in line with market expectations following a series of earlier signals from the U.S. central bank that it would begin winding down a program that accelerated in March 2020 as a response to the COVID pandemic.

The Australian dollar changed hands at $0.7438, following its plunge from above $0.752 earlier in the trading week.

In other markets

Markets in Singapore were shuttered for holiday.

In China, the CSI 300 restored 47.63 points, or 1%, to 4,868.74.

In Taiwan, the Taiex fell 43.3 points, or 0.3%, to 17,078.66

In Korea, the Kospi index recovered 7.51 points, or 0.3%, to 2,983.22.

In New Zealand the NZX 50 dropped 49.89 points, or 0.4%, to 12,943.94.

In Australia, the ASX 200 gained 35.26 points, or 0.5%, at 7,427.99.