Asian markets recoil previous sharp losses as risk sentiment rebounds

Asian markets were in much better shape on Wednesday morning than where they closed yesterday, with investors' taste for risk sweetening, while the weaker yen supported Japanese stocks despite weak economic data. Commodities and riskier currencies rebounded on Tuesday after Wall Street closed mostly with gains, helping put Asia on a good footing for Wednesday's session.

Japan's benchmark Nikkei 225 index rallied 2.03% to 17,273.89 points within the first hour of trade, while Tokyo's broader Topix gauge jolted 2.13% higher to 1,404.81 points. Some industrials helped limit gains in the markets though after data showed industrial production sliding 0.5% month-on-month in Japan last month.

Hong Kong's benchmark Hang Seng index advanced 1.29% to 20,822.58 points at the opening bell, and mainland China's benchmark Shanghai Composite grew 0.64% to 3,057.58 points at the same time.

Korea's benchmark Kospi index tumbled 0.97% to 1,923.94 points on Wednesday morning in Seoul.

The benchmark Australian S&P/ASX 200 index jumped 1.42% to 4,988.10 points in Sydney, with banks and resource stocks rebounding from Tuesday's heavy losses.

New Zealand's benchmark S&P/NZX 50 index slipped 0.2% to 5,601.33 points this afternoon in Wellington.