OVERNIGHT

The prospect of rising interest rates by the Fed tossed an apparent life preserver to emerging market shares overnight, according to Reuters.

Even Japan, still in recession, got into the act.

In Asia overnight, the Bank of Japan surprised no one at its regular policy meeting by maintaining the current pace of asset buying, though many still suspect it will have to ease again at some point to force inflation higher.

Tokyo's Nikkei .N225 firmed 1 percent, brushing aside a disappointing report on exports and imports.

Soothing Fed sounds send shares, emerging markets higher

MSCI's broadest index of Asia-Pacific shares outside Japan rose 2 percent, with Australia's main index AXJO up by the same amount for a third straight session of gains.

After a slow start, Chinese markets caught the better mood and the CSI300 index .CSI300of the largest listed companies in Shanghai and Shenzhen added 1.6 percent.