Asia shares joined a global rally on Wednesday as hopes rose for a negotiated end to the Ukraine conflict, while bond markets signaled concern overnight that aggressive rate hikes could damage the U.S. economy after 10-year yields briefly dipped below two year rates.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1%, and touched its highest level since March 4, with most Asian stock markets in positive territory.
Japan's Nikkei bucked the trend however, falling 1%, as observers pointed to profit taking heading into the end of the fiscal year. The benchmark hit a two-month closing high on Tuesday.
Ukraine, on Tuesday, proposed adopting a neutral status in a sign of progress at face-to-face negotiations, though on the ground, reports of attacks continued, and Ukraine reacted with skepticism to Russia's promise in negotiations to scale down military operations around Kyiv.