HONG KONG : Asia stocks rose on Wednesday, encouraged by a rally on Wall Street, but gains were kept in check by worries that aggressive central bank policy tightening will stifle global growth and raise the risks of stagflation.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.15 per cent, recouping most of its losses in the previous session, while Japan's Nikkei 225 index was up 1 per cent. On Thursday, the European Central Bank meets and markets are expecting it to at least lay the groundwork for rapid rate rises, if not begin them with a small hike.[ECBWATCH}
U.S. Treasury Secretary Janet Yellen told senators on Tuesday that she expected inflation to remain high and the Biden administration would likely increase the 4.7 per cent inflation forecast for this year in its budget proposal. In currencies, the yen hit a fresh 20-year low versus the dollar at 133 and slipped to a seven-year trough against the euro as traders awaited the ECB meeting, which is likely to leave Japan alone among its major peers in sticking to ultra easy monetary policy.
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