Most Asian equities gained on Wednesday, with Singapore stocks hitting a record high on upbeat earnings and shareholder returns from United Overseas Bank as well as favourable reviews for the city-state's budget for this year.
In currencies, the rupiah tumbled ahead of an expected pause in Bank Indonesia's easing cycle later in the day.
Singapore's benchmark stock index rose 0.6% to a record peak of 3,949.65 points and has gained 4% this year.
UOB, Singapore's third-biggest bank, logged a 9% rise in quarterly profit and announced $2 billion special dividend and share buyback package.
Singapore's budget for 2025 - newly unveiled on Tuesday - included vouchers, tax rebates and cash handouts to help consumers.
JP Morgan analysts also lifted their rating for Singapore stocks to "overweight", citing inexpensive valuations, low volatility compared to regional peers, and government efforts to boost the local stock market.
Shares in South Korea climbed 2.1%, on track for their seventh consecutive session of gains, aided by a rally in chip stocks.
Gains were powered by a 3.4% jump for Samsung Electronics and a 4.3% surge for SK Hynix.
Stocks in Manila advanced 0.8% to hit their highest level in more than a week while those in Thailand and Malaysia traded flat.
Asian currencies were largely range-bound against a firm U.S. dollar as tariff concerns and tense Russia-Ukraine negotiations kept investors wary of riskier assets.
But the Indonesian rupiah fell as much as 0.6% to clock its worst session since February 3 as investors exercised caution ahead of policy meeting later in the day at which the country's central bank is widely expected to stand pat on rates.
The rupiah, the worst performing regional currency of 2024, has fallen over 1.5% this year. Stocks in Jakarta declined 0.5%, snapping a three-day rally.
The dollar index, which measures the greenback against a basket of rivals, swung between positive and negative territory. It was last down 0.07%.
HIGHLIGHTS:
** Trump says he will introduce 25% tariffs on autos, pharmaceuticals and chips
** BOJ must keep raising rates gradually, says board member Takata - Reuters
