In other markets, the Kospi gained 0.8%; the Hang Send moved up 1.3%;and the Shanghai Composite added 0.2%. After. 6.9 earthquake off the eastern coast of Japan disrupted the market earlier, but stocks came back.
Reuters reported:
Asian stocks struck one-week highs with investors undeterred by a powerful earthquake in Japan on Tuesday, but after Wall Street closed at a record peak they were also wary of chasing prices higher until President-elect Donald Trump picks his economic team.
Crude oil extended gains in Asian trading with U.S. West Texas Intermediate (WTI) up 1 percent in early deals as the dollar pulled back.
Prices surged 4 percent to a three-week high on Monday, after comments from Russian President Vladimir Putin raised hopes that producer countries will reach a deal to limit output at a meeting next week.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.2 percent, pulled up by a 1.3 percent rally in Australian shares. Korean shares and Hong Kong stocks also rose 1 percent each.
"Most of the flow into stocks seems to be retail-oriented with institutional investors preferring to sit out the rally unless they get a clearer picture on Trump's economic team," said Andrew Sullivan, managing director, sales trading at Haitong International Securities Group in Hong Kong.
Trump met some officials and outlined plans for his first day in office on Monday, including withdrawing from a Asia-Pacific free trade accord and investigating abuses of work visa programs.
The dollar eased against major currency pairs with the dollar index, which measures the greenback against a basket of currencies, trading at 100.8 in what was a consolidation move since it had gained more than 5% afterTrump's election. A weak dollar usually means stronger gold prices and that's exactly what occurred overnight with spot gold up 0.3% at $1217.70 an ounce. Gold has been on a downward direction, falling 10% since the election.
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