Summary Japan's Nikkei soared 5.7 percent, on track for its biggest one-day rise since March 2011.
TOKYO (Reuters) - Asian shares caught a tailwind on Wednesday after upbeat German economic data powered gains in U.S. and European markets, while the safe-haven yen skidded as investors mood turned positive.
MSCI s broadest index of Asia-Pacific shares outside Japan was up 2.5 percent by 0250 GMT, with gains across all the major indices that were open.
Japan s Nikkei soared 5.7 percent, on track for its biggest one-day rise since March 2011. In the previous session, it lost 2.4 percent and wiped out its year-to-date gain.
Major Wall Street indices all logged gains of more than 2 percent overnight.
European stocks also had a banner day on news Germany s imports and exports hit record highs in value terms in July.
Chinese shares rose late on Tuesday after digesting a bigger-than-expected drop in imports. The trade data raised fears that China s slowdown could be sharper than many had expected, which in turn raised hopes that Beijing would muster more easing steps to prevent a hard landing.
The Shanghai Composite index climbed 1.7 percent on Wednesday. Hong Kong s Hang Seng index .HSI added 2.7 percent.
"With many markets having been sold off heavily over recent weeks, today’s rally, like the U.S. last night, represents a speculative bounce," said Angus Gluskie, managing director of White Funds Management in Sydney.
"The market will remain susceptible to a return of negativity until we see signs of some improvement in the original causes of weakness, which were predominantly Chinese growth concerns," he said.
The dollar put in a mixed performance, slipping slightly against a basket of six rival currencies .DXY to 95.945, and against the euro EUR= to $1.1191.
But the greenback firmed about 0.5 percent against the yen to 120.25 JPY= as the improved market mood sapped some of the appeal of the perceived safe-haven Japanese currency.
The euro also gained on the yen, rising 0.3 percent to 134.56 EURJPY=.
Crude oil futures remained steady but at low levels on lingering concerns about a global supply glut.
U.S. crude rose 0.2 percent to $46.15 ahead of weekly crude inventories data due from industry group American Petroleum Institute later in the session.
Brent crude rose 0.4 percent to $49.74, after jumping 4 percent the previous session following upbeat German economic data.
