Asian markets soar after US, Europe move to shore up banks

Hong Kong: Asian markets have soared for a second straight day, led by a stunning 14 per cent jump in Tokyo.

Japan's benchmark Nikkei 225 index surged 1,171.14 points, or 14.15 per cent, to close at 9,447.57 on Tuesday - a stunning reversal after plunging nearly 10 per cent on Friday and its biggest single-day gain in history. The Japanese financial markets were playing catch-up because they were closed on Monday for a holiday.

In Australia, the S&P/ASX 200 closed 3.7 per cent higher, while South Korea's market closed up over 6 per cent. The Philippine market surged more than 7 per cent. Hong Kong's Hang Seng was up 2.7 per cent in afternoon trade, while Indonesia's market - shut half of last week due to dramatic declines - was up more than 6 per cent.