By Tuba Sahin
ANKARA (AA) - Stock markets in Asia closed on Wednesday with gains after US Federal Reserve chair Jay Powell pledged to use all tools to tackle inflation.
"The economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation," Jerome Powell said on Tuesday.
"If we see inflation persisting at high levels, longer than expected, if we have to raise interest rates more over time, then we will," he noted.
The Asia Dow, which includes the region's blue-chip companies, jumped 74.8 points, or 1.97%, to close at around 3,877 points.
Gaining 543.2 points, or 1.92%, the Nikkei 225 index in Tokyo hit 28,766.
The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, was the best performer, rising 663.1 points, or 2.79%, to 24,402.
China's Shanghai stock exchange, on the other hand, posted a rise of 30 points, or 0.84%, to 3,597.
China's consumer price index (CPI) rose 1.5% year-on-year in December 2021, the National Bureau of Statistics said Wednesday.
The Indian Sensex benchmark gained 472.9 points, or 0.78%, to close at 61,090 points, while the Singapore index diminished 5.5 points, 0.17%, to 3,252.