Asia stocks gain on hopes for China stimulus, Fed pause

"Overall, across the board, assets are doing pretty well," said Yuting Shao, macro strategist at State Street Global Markets.

The two-year Treasury yield , which typically moves in step with interest rate expectations, fell slightly to about 4.5% in Tokyo, from Tuesday's close at 4.516%. The yield on 10-year notes slipped to around 3.67%.since mid-May at $0.6690, extending a rally following a central bank rate increase on Tuesday.

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