Asian Markets Rise on Japan Data and Janet Yellen's Stimulus Supportive Comments

Japanese equities led Asian markets higher, on 14 November, after third-quarter GDP data from Japan beat expectations.

Meanwhile, markets elsewhere in the region logged gains on US Federal Reserve Vice Chair Janet Yellen's monetary stimulus comments.

The Japanese Nikkei finished 2.12% higher or 309.25 points at 14,876.41.

Australia's S&P/ASX finished 0.68% higher or 36.20 points at 5,355.40.

South Korea's Kospi finished 0.20% higher or 4.00 points at 1,967.56.

The Shanghai Composite finished 0.60% higher or 12.57 points at 2,100.51.

Hong Kong's Hang Seng was trading 0.90% higher or 201.16 points to 22,664.99

India's BSE Sensex was trading 1.38% higher or 278.42 points to 20,472.82.

Data from Japan showed that the world's third largest economy expanded by 1.9% in the July-September quarter. While the latest reading is lower than the preceding quarter's 3.8% growth, it beat economists' forecast of a 1.7% expansion. The news boosted Japanese stocks.

Earlier, defending the US central bank's $85bn-a-month bond purchase program, Yellen said: "I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy."

Yellen's comments came in her prepared statement to the Senate Banking Committee, which the committee released ahead of her testimony to the Senate later on 14 October.

Yellen would be the first woman to head the world's most powerful central bank if the Senate confirms her nomination.

Wall Street Up

On Wall Street, indices ended higher with the Dow and the S&P 500 finishing at record highs.

Investors cheered upbeat results from retailing major Macy's and they now expect a good holiday-shopping season.

The Dow finished 70.96 points higher or 0.5% at 15,821.63.

The S&P 500closed 14.31 points higher or 0.8% at 1,782.

The Nasdaq ended 45.66 points higher or 1.2% at 3,965.58.

"The Macy's number is driving the market. Their earnings number coming out is supportive as there is a lot riding on the holiday season," Chris Gaffney, EverBank senior market strategist told CNBC.

Company Stock Movements

In Tokyo, index heavyweights Fast Retailing jumped 5% while industrial robots maker Fanuc shot up 3%.

Consumer electronics maker Panasonic moved up 4% while PlayStation maker Sony added 2%.

Mitsubishi UFJ Financial gained 2.2% while rival Mizuho Financial moved up1.4%, on a Nikkei newspaper report that both banks could raise their profit outlook for 2013, following strong first-half results.

In Shanghai, Industrial Bank lost 2% after government data showed that bad bank loans in China rose to their highest level in eight years.

In Hong Kong, Chinese internet major Tencent shot up 5.4% after the firm reported a 20% year-on-year growth in profit for the third quarter.

In Mumbai, state-owned banks rallied after Reserve Bank of India governor Raghuram Rajan said the central bank would buy bonds worth 80bn rupees via open market operations.

Bank of India jumped 5.1% while rival Canara Bank added 3%.

In Sydney, property developer James Hardie soared 15% after it reported that its first-half operating profit nearly doubled to $108.3m, from $56.3m a year ago.

Retailer David Jones shot up 5% after it announced that Swiss banking major UBS had become a substantial shareholder.

In Taiwan, Apple supplier Hon Hai Precision Industry gained 1.6% after the manufacturer reported a 1.6% increase in third quarter net income to NT$30.8bn ($1bn), beating forecasts.