Since the financial crisis of 2008, the Fed has been in emergency mode, and has slashed interest rates and pumped trillions of dollars into the U.S. economy to prevent the recession in the world's largest economy from turning into a depression. That objective has been achieved but the U.S. economic recovery has been paltry by historical standards.Earlier, the Nikkei 225 in Tokyo shot up 1.8 percent to close at 14,766.18, even though government data showed a bigger-than-expected trade gap. Elsewhere, Hong Kong's Hang Seng advanced 1.7 percent to 23,502.51 and Australia's S&P/ASX 200 added 1.1 percent to close at 5,295.50. Benchmarks in Indonesia and Thailand rose 4.7 percent and 3.3 percent respectively. The Philippines, India and Singapore also posted strong gains. Markets in South Korea and mainland China were closed for public holidays.
Asia Stocks Jump, Fed Refrains From Stimulus Cut
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