Asia Stocks Rise as Yellen's Dovish Comments Lift Risk Appetite
- Fed Chair signals key rates likely to stay lower for longer
- Energy, finance companies lead gains across Asia Pacific
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Asian stocks advanced, led by Chinese equities, after Federal Reserve Chair Janet Yellen signaled the U.S. central bank remains wary of raising interest rates, bolstering the appeal of riskier assets.
The MSCI Asia Pacific Index added 0.9 percent to 128.96 as of 5:05 p.m. in Tokyo, led by energy and finance shares. The Shanghai Composite Index surpassed the 3,000 level after Bank of Communications Co. and China Petroleum & Chemical Corp. posted better-than-expected earnings. Hong Kong’s Hang Seng Index gained 2.2 percent, while equity indexes from India, Thailand and Taiwan climbed at least 1.4 percent. The Topix index fell in Tokyo after Yellen’s comments strengthened the yen, souring the outlook for Japanese exporters.