Is Asia's Rally For Real?

Asian bourses are jumping, but economic resurgence in the region is still far off

After more than a year of grim news, the mood in Asia's equity trading pits is finally improving. Buoyed by falling global interest rates, Asia's most devastated market, Jakarta, is up a handsome 58% in U.S. dollar terms since early October, while Seoul is up 40% and Hong Kong, 31%. Even in recession-gripped Japan, the Nikkei stock average has rallied 13%, to around 14,500, amid signs the country is moving to fix its banking mess.

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