Asian Stocks Extend Rally; Nikkei Adds 1.9%

By Jeremiah Marquez

HONG KONG -- Asian stocks extended their new year's rally Wednesday, with Japan's index up nearly 2%, on hopes that stimulus measures from a new U.S. administration would help speed the world's economic recovery.

The yen continued to lose ground against the dollar, buoying shares in exporters, and crude oil prices were steady after briefly touching above $50 a barrel overnight, their highest point since Dec. 1.

Since falling to multiyear lows in November, global equities have advanced strongly, with a number of major benchmarks up more than 10%. Markets have shown few signs of slowing in recent days, as investors poured money back into riskier assets, such as emerging market stocks, amid speculation that government policies will help bring an end to the global slump later this year. ...