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Hong Kong - Asian stocks climbed in early trade on Thursday, buoyed by the Fed chief's comments that the US is on track for solid growth in the second quarter, and Russian concessions on the Ukraine crisis.
Tokyo stocks were up 1.09% by the break, reversing a tumble on the previous day, after Federal Reserve chair Janet Yellen told Congress that the economic outlook was positive and that the US stimulus taper would continue steadily.
"It's a rebound from yesterday's sharp fall - the market is getting support from a brisk session on Wall Street," said Tokai Tokyo Securities strategist Seiichi Suzuki.
The Dow Jones Industrial Average rose 0.72% to 16 518.54 on Wednesday, while the Nasdaq Composite Index fell 0.32% to 4 067.67.
Hong Kong advanced 0.36% in early trade on Thursday, Shanghai edged down 0.06%, Sydney was up 0.74% and Seoul inched up 0.2%.
Chinese stocks were trading cautiously ahead of the release of April trade data which showed exports and imports rising marginally, rebounding from sharp declines the month before, with the country reporting a second straight trade surplus.
The dollar was at ¥101.89 early on Thursday, compared with ¥101.87 in New York on Wednesday afternoon after Yellen's testimony.
The euro fetched $1.3909 and ¥141.71 against $1.3911 and ¥141.74 in US trade.
US stocks had finished mostly higher following conciliatory statements by Russian President Vladimir Putin, who told pro-Russian rebels fighting in east Ukraine to halt plans for independence referendums.
Putin also said his troops have pulled back from the border, but both Nato and Washington said there was no evidence of a withdrawal.
The surprise comments, which suggested a potential de-escalation of the conflict that had been building towards war, sent Russia's stock market soaring while the battered rouble jumped to a five-week high against the dollar.
Gregori Volokhine, president of Meeschaert Capital Markets, said Yellen's comments encouraged US investors, while Putin's remarks also "had a positive effect" on the indexes, even if investors were sceptical of the Russian president.
However, Yahoo shares tumbled on Wednesday on concerns its stake in Alibaba may be worth less than anticipated following the Chinese online giant's stock market offering.
Oil prices were mixed on Thursday. The US benchmark, West Texas Intermediate for June delivery, was up 4 cents to $100.81 in early Asian trading while Brent North Sea crude for June eased 12c to $108.01 per barrel.
Gold fetched $1 290.85 at 03:00 GMT compared with $1 311.59 late on Wednesday.
