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Asia stocks follow global surge, dollar on defensive

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.4 percent. Wall Street shares posted sizeable gains overnight on several strong corporate earnings results and the pan-European Eurofirst 300 index of leading shares climbed to a 14-year high after the European Central Bank affirmed its loose policy stance. “Even if the actual number is in line with expectations, it will be enough to reinforce the view that the U.S. economic slowdown during winter was a temporary one, and thus support the dollar,” said Masafumi Yamamoto, senior strategist at Monex Securities in Tokyo. “If the dollar is to rise, it will gain more against the euro and Australian dollar rather than the yen as Japanese authorities have not exactly welcomed a further weakening,” he said.

Japan stocks rally, yen resumes fall after G20

TOKYO (Reuters) – Japanese shares jumped closer to a 33-month high as the yen slumped on Monday after Tokyo dodged direct criticism from G20 peers on the aggressive reflation plans that have weakened the currency. The G20 opted not to single out Tokyo, but committed members to refrain from competitive devaluations and said monetary policy would be directed only at price stability and growth. Japan said this decision is a green light to pursue its expansionary policies. The dollar soared 0.7 percent to 94.17 yen inching closer to its highest since May 2010 of 94.465 hit on February 11. …