TOKYO (Reuters) – Asian shares extended their rally on Wednesday in the wake of Wall Street’s big gains as U.S. Congress appeared closer to passing a $2 trillion stimulus package to suppress the coronavirus pandemic’s financial toll.
FILE PICTURE: People using protective face masks, following a break out of the coronavirus illness (COVID-19), take a look at a stock quote board outside a brokerage in Tokyo, Japan, March 10,2020 REUTERS/Stoyan Nenov
MSCI’s broadest index of Asia-Pacific shares outside Japan.MIAPJ0000 PUS increased 1.3%with Australian shares increasing 4.5%and South Korean shares KS11 acquiring 4.0%. Japan’s Nikkei N225 added 2.0%.
” Japanese shares have been strengthened by aggressive purchasing from the Bank of Japan and pension money today. That has triggered hedge funds to cover their brief positions,” said Norihiro Fujito, primary financial investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
On Tuesday, MSCI’s gauge of stocks across the globe.MIWD00000 PUS got 8.39%, the largest single-day gain given that the wild swings seen durin