Asia Vaults as U.S. Ramps up Stimulus Measures

Stocks in Asia jumped on Tuesday as authorities ramped up stimulus measures to combat the economic impact of the global coronavirus outbreak.

In Japan, the Nikkei 225 index recovered handsomely, piling on 1,204.57, or 7.1%, to 18,092.35. as shares of index heavyweights Fast Retailing soared 13.8%, and Softbank Group jumped 19%.

The Japanese yen traded at 110.42 per U.S. dollar after touching an earlier low of 111.28.

In Hong Kong, the Hang Seng Index regained 967.36 points, or 4.5%, to 22,663.49, with shares of Chinese tech juggernaut Tencent gaining 4.7%.

Australian markets found their wings, too. The Australian dollar was at $0.596 after rising from levels around $0.57 yesterday.

The U.S. Federal Reserve announced an open-ended asset purchase program on Monday. The central bank said the program will run in the "amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy."

In other markets

The CSI 300 restocked 94.8 points, or 2.7%, to 3,625.11.

In Korea, the Kospi index sprang back up 127.51 points, or 8.6%, to 1,609.97

In Taiwan, the Taiex prospered 395.59 points, or 4.5%, to 9,285.62

In Singapore, the Straits Times Index popped 128.57 points, or 5.8%, to 2,362.05

In New Zealand, the NZX 50 regained 610.45 points, or 7.2%, to 9,109.15

In Australia, the ASX 200 reasserted itself 189.62 points, or 4.2%, to 4,735.66