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Asian financial markets climbed on Wednesday, led by strong gains in Korean semiconductor stocks as investors doubled down on artificial intelligence (AI) plays. Growing optimism around AI-driven demand and a global memory chip shortage pushed regional equities higher, while currency traders kept a close eye on the Japanese yen and Bank of Japan (BOJ) policy signals.
MSCI’s broad Asia-Pacific index outside Japan rose 1% in early trading. Japan’s Nikkei 225 hit a fresh record high, gaining 1.1% to 57,956.92 after touching an intraday peak of 58,047.89. The broader Topix edged up 0.07% to 3,818.73. South Korea’s KOSPI surged nearly 1.7%, breaking above the 6,000 level for the first time and extending its year-to-date gain to 44%.
Korean chipmakers Samsung Electronics and SK Hynix have seen their share prices double since October, fueled by a global memory chip shortage and accelerating AI investment across the supply chain. Investors are also awaiting Nvidia’s fourth-quarter earnings, expected after the U.S. market close, for further insight into AI sector momentum.
Elsewhere, Hong Kong’s Hang Seng Index added 0.36%, while China’s CSI300 rose 0.3%. Australia’s S&P/ASX 200 climbed as much as 1.1% to a record high, despite rising consumer prices that increased the risk of additional interest rate hikes.
The Japanese yen strengthened 0.12% to 155.7 per dollar after a sharp decline the previous day. Reports that Prime Minister Sanae Takaichi expressed caution about further rate hikes to BOJ Governor Kazuo Ueda introduced uncertainty around monetary policy. A recent Reuters poll shows most economists expect the BOJ to raise rates to 1% by June, with markets pricing in a 50% chance of an April hike.
Meanwhile, the U.S. dollar index dipped slightly to 97.84, while Treasury yields edged higher. Federal Reserve officials signaled a wait-and-see approach on inflation, with ANZ forecasting 75 basis points of rate cuts this year starting in June.
Oil prices advanced, with U.S. crude at $66.12 and Brent at $71.30. Spot gold held steady, reflecting cautious optimism across global financial markets as investors balance AI enthusiasm with monetary policy risks.
