Asia's equity markets rose to fresh peaks on Tuesday, fueled by hopes of central bank stimulus but Japanese shares fell, weighed down by mixed economic data.
A rally in financials helped push Australia's S&P ASX 200 to a new four-and-a-half year high, shares in Seoul closed just 4 points below a one-month high and the Hang Seng Index hit a seven-week high. In contrast, Japan's Nikkei closed down 0.2 percent.
Mainland Chinese markets are shut until Thursday for the Golden Week holiday.
Expectations are high for central banks to continue supporting the global economy with monetary easing ahead of the U.S. Federal Reserve'stwo-day meeting later on Tuesday and the European Central Bank's (ECB) policy review on Thursday.
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"It is the promise of an extended period of $85 billion per month of Fed asset purchases together with the heightened expectation of fresh ECB easing measures this week that is driving sentiment and flows," wrote analysts at National Australia Bank in a report on Tuesday.