Japan shares rise on weaker yen to lead Asia

HONG KONG (MarketWatch) � Most Asian markets ended higher on Wednesday, with Japanese stocks catching a tailwind from the yen�s weakness while mainland Chinese shares gained on hopes for a relaxation in policy toward the property sector.

The Nikkei Stock Average JP:100000018 �rebounded from a wobbly start to finish 1% higher at 9,554 in Tokyo, as the U.S. dollar extended its recent gains against the yen to lift Japanese exporters.

China�s Shanghai Composite Index CN:000001 �rose 0.9% to 2,403.59, Hong Kong�s Hang Seng Index HK:HSI �gained 0.3% to 21,549.28 and Taiwan�s Taiex added 1% to 8,001.68.

Elsewhere, South Korea�s Kospi KR:SEU �inched up 0.2% to 2,028.65, while Australia�s S&P/ASX 200 index AU:XJO �ended fractionally higher at 4,293.10.

Stocks in had slipped in early trading on doubts over the durability of the latest Greek rescue plan, but recovered as the day progressed.

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�It�s getting to the point where people are feeling that developments in Europe are becoming largely irrelevant to Asia,� said Andrew Sullivan, principal sales trader at Piper Jaffray.

Referring to the early weakness for Asian stocks, Sullivan said the Greek rescue plan announced Tuesday �didn�t give people detail or confidence.�

An increase in oil prices to a nine-month high weighed on Wall Street overnight, and also contributed to a poor start in the region. Read more on Tuesday crude-oil trading. Read more on U.S. stocks.

But the high prices lured buyers to the energy sector, with Inpex Corp. JP:1605 IPXHY rising 1.4% in Tokyo, while PetroChina Co. HK:857 �PTR �gained 1.4% in Hong Kong and 0.1% in Shanghai. In Sydney, Woodside Petroleum Ltd. WOPEY �AU:WPL �climbed 2.5%, also supported by news that an LNG venture of the company was on track for a start-up in March.

Japanese car makers and other exporters swung to gains as the dollar strengthened against the yen USDJPY .

Toyota Motor Corp. JP:7203 �TM �climbed 1.8% and Nissan Motor Co. JP:7201 �NSANY �added 2.3%, while Nintendo Co. NSANY �JP:7201 �advanced 3%.

Chinese property firms jumped on mainland bourses as well as in Hong Kong, in the wake of a report in the Shanghai Securities Journal that the city will soon ease certain restrictions on home purchases.

�Chinese property firms are doing quite well... probably because they have been quite heavily shorted in the last few days� said Sullivan.

China Overseas Land & Investment Ltd. HK:688 � CAOVF �jumped 2.8% and China Resources Land Ltd. HK:1109 �CRBJF �climbed 2.9% in Hong Kong.

In Shanghai, Gemdale Corp. CN:600383 �climbed 3.9% and Poly Real Estate Group Co. CN:600048 �rose 2.7%, while China Vanke Co. CVKEY �gained 3.4% in Shenzhen.

Also on Wednesday, HSBC�s China �flash� Purchasing Managers� Index showed a smaller contraction in manufacturing activity in February than in January. See report on HSBC China flash PMI results.

Shares of Alibaba.com Ltd. shot up 42.7% in Hong Kong as trading resumed for the first time since Feb. 9, after its parent group confirmed plans to take the company private. See report on Alibaba privatization plans.

Earnings reports also lent support to trading action in Australia, with CSL Ltd. AU:CSL �CMXHF �rising 2.5% after reporting a slight drop in first-half net profit but raising its second-half outlook due to strong demand for its products.

Shares of Seven West Media Ltd. AU:SWM �WANHF surged 7.4% after reporting a sharp jump in first-half net profit.