Asian stocks rally on US data and weaker Yen

<p>Asian stocks were up as dollar approaches ¥120.</p>

Asian stocks rose today (December 4th) following the release of positive US economic data and as the yen neared 120 per dollar.

“A positive US economic backdrop was the major catalyst,” Matthew Sherwood, head of investment markets research at Perpetual Ltd. in Sydney, told Bloomberg."The US will continue to drive global trends in 2015."

Hiring in the US reached 200,000 workers for the seventh time in eight months, according to a private report published yesterday. In addition, the Federal Reserve’s Beige Book mentioned "widespread hiring".

China's benchmark Shanghai Composite hit fresh three-year highs on expectations of further stimulus measures.

Tokyo was up 0.94 per cent to 17,887.21 and Seoul added 0.85 per cent to close at 1,986.61, while Sydney closed 0.88 per cent up to 5,368.8.

Hong Kong rose 1.72 per cent to 23,832.56, while Shanghai surged 4.31 per cent to 2,899.46.

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