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U.S. gives Nikkei a lift
(CNN) -- Japan's Nikkei average is 2 percent higher in early trade Wednesday trade, spurred by a jump on Wall Street. Tuesday's 2.6 percent gain for the U.S. Nasdaq, plus the decision by the Federal Reserve to keep interest rates on hold and better-than-expected industrial production data in Japan and South Korea are all encouraging investors in Asia The Nikkei 225 is up 1.99 percent to 10,770.74 after going as high as 10,788.98. The index put on 1.02 percent Tuesday for its third straight day of gains. The broader Topix index is up 1.56 percent to 1061.52 in early trade. Elsewhere in the region, South Korea, Taiwan, Singapore, Australia and New Zealand are all in the black. Seoul's Kospi is doing best, up 1.8 percent to 789.76 and Taiwan's Taiex is ahead 1.6 percent. Australia's S&P/ASX200 is 0.7 percent higher to 3266.6. Samsung Electronics is at a record high of 472,000 won after Tuesday's tie-up on LCD screens with Japanese consumer electronics leader Sony. In Tokyo, Sony is up 2.85 percent to 3970 yen. It unveiled a major restructure late Tuesday that involves the loss of up to 20,000 jobs over the next three years. (Full story) Other tech-related stocks are also higher. Chip and computer maker Fujitsu is up 3 percent to 692 yen. Hitachi is about 2.8 percent higher to 659 yen. Both will report half-year earnings later Wednesday. Big banks are continuing to post solid gains. UFJ is up 7 percent to 538,000 yen and Mizuho is 4.8 percent ahead to 305,000 yen. SMFG and MTFG are also firmer. Carmakers are solidly in the black, led by a 3.5 percent gain for Nissan to 1246 yen. Honda is up 2.3 percent and Toyota is 1.25 percent ahead. Preliminary figures released just before the start of trade Wednesday shows Japan's industrial production rose a seasonally adjusted 3.0 percent in September from a month earlier. That was double the median forecast of 1.5 percent. The moves in Asia follow another strong day for Wall Street Tuesday. The Dow Jones industrial average put on 1.46 percent to 9748.31, while the tech-heavy Nasdaq composite index gained 2.62 percent to 1932.26. (Full story) As expected, the U.S. Federal Reserve left interest rates at a 45-year low of 1.0 percent. (Full story)
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