Asian shares up on central banks coordinated efforts

Breaking News December 01, 2011 00:00

Asian stocks surged early Thursday after a major central banks unveiled plans to support the global financial system.

The US Federal Reserve, European Central Bank, and the central banks of the UK, Canada, Japan and Switzerland are trying to improve lending.

Japan's Nikkei 225 index rose 2.2 per cent, South Korea's Kospi gained 3.8 per cent, while  Australia's ASX 200 added 2.5 per cent.

Wall Street and European markets also responded positively to the news.

The central banks' effort should make it easier and cheaper for banks to buy US dollars which would make it easier for businesses and households to obtain financing.




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