Asia stocks bask in best day in 11 years buoyed by Fed move

THE US Federal Reserve’s unprecedented bond buying program has thrown a lifeline to Asian equities as the dollar’s reversal eased concerns over capital flight from the region and fueled risk appetite.

The MSCI Asia Pacific Index rallied as much as 4.8% as of 3:58 pm in Hong Kong on Tuesday, set for the most since October 2008.

Still, the gauge had dropped 18% in March so far, on track for the worst month since October 2008.

South Korea stocks jumped 8.6% after the nation doubled its emergency funds, while Japan’s blue-chip measure Nikkei 225 rose 7.1%, the most since 2016. Hong Kong’s Hang Seng Index was also up more than 4%.