The US Federal Reserve's unprecedented bond-buying programme has thrown a lifeline to Asian equities as the dollar's reversal eased concerns over capital flight from the region and fuelled risk appetite.The US Federal Reserve's unprecedented bond-buying programme has thrown a lifeline to Asian equities as the dollar's reversal eased concerns over capital flight from the region and fuelled risk appetite.
The MSCI Asia Pacific Index rallied as much as 4.8 per cent as of 3.58 pm in Hong Kong on Tuesday, set for the most since October 2008. South Korea stocks jumped 8.6 per cent after the nation doubled its emergency funds, while Japan's blue-chip measure Nikkei 225 rose 7.1 per cent, the most since 2016. Hong Kong's Hang Seng Index closed 4.5 per cent higher.
It was a sharp contrast to a sea of red for Asian equities on Monday that saw record losses for India and New Zealand benchmarks after announcements on nationwide lockdowns. The Fed's unlimited quantitative easing prompted traders to return to risk assets, sending almost all Asia-Pacific currencies including the Australia dollar and the South Korean won jumping.
"The Fed's latest round of stimulus is a gamechanger," said Edward Moya, a senior market analyst at Oanda.
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