Asian markets make solid gains following global rout

Asian markets saw solid gains on Wednesday, led by a rebound in Japanese shares. The Nikkei 225 closed 1.2% higher after initially losing 2.5%, following comments from Shinichi Uchida, deputy governor of the Bank of Japan. South Korea’s Kospi finished up 1.8%, Hong Kong’s Hang Seng index was 1.3% higher, and Taiwan’s Taiex closed up 3.9%. These gains follow days of volatility triggered by a sharp sell-off in global markets. Uchida stated that intense market volatility could affect the central bank’s rate hike path, leading to the need for maintaining current levels of monetary easing. The US dollar surged more than 2% against the yen after his remarks.