Asian markets rise on Wall St rally, ECB comments

HONG KONG: Asian markets rose Thursday after the Dow on Wall Street hit a more than five-year high, while the head of the European Central Bank soothed concerns over the eurozone.

A strong bond sale in Italy also helped the euro despite uncertainty after weekend polls, while the yen resumed its downward trend after Japan's government nominated a fan of aggressive easing as the new central bank governor.

Tokyo climbed 2.04 percent as the yen sank on confirmation that Japan's government had put forward Haruhiko Kuroda to take over at the Bank of Japan.

Kuroda, the current Asian Development Bank chief, is known as an advocate of a looser monetary policy to overcome slow growth, in line with the views of Prime Minister Shinzo Abe.

The dollar bought 92.44 yen, compared with 92.16 yen in New York late Wednesday.

Hong Kong shares advanced 1.10 percent, Sydney added 0.71 percent, Seoul rose 1.02 percent and Shanghai was up 0.39 percent.

ECB President Mario Draghi said Wednesday the bank would preserve the integrity of the eurozone, reasserting its commitment to buy up bonds of under-pressure countries.

"We are committed to preserving the integrity of our currency, in the interests of all people of the euro area," he said.

The announcement, which came after US Federal Reserve Chairman Ben Bernanke said its own huge easing would stay in place, came as welcome relief to markets after Italy's poll deadlock raised fears of a return to Europe's debt crisis.

On forex markets the euro rebounded after being hammered in the wake of Sunday's inconclusive poll, which saw voters shun austerity policies and leave the country with a hung parliament.

The euro sat at $1.3150 and 121.56 yen in Tokyo, from $1.3136 and 121.07 yen -- and well up from the levels just above $1.30 and 119 yen seen earlier in the week.