HONG KONG (AP) -- Asian markets soared Friday as the prospect of fresh stimulus measures in China and Japan and upbeat signals from major U.S. firms like Bank of America sparked hopes of a turnaround in the world economy.
Major markets were higher throughout the region, with Japan's index shooting up more than 5 percent and Hong Kong's benchmark gaining almost 4 percent. Companies across all industries, from Japanese exporters to Australian resource firms and Chinese banks, posted strong gains.
Boosting confidence were comments from Chinese Premier Wen Jiabao that the government -- already moving ahead with a 4 trillion yuan ($586 billion) stimulus package -- stood ready to roll out even more measures if needed to reinvigorate growth. In Tokyo, speculation grew officials were preparing more steps to support Japan's own sagging economy, which in the fourth quarter suffered its sharpest contraction in 35 years. more...
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