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Asian markets rally on Fed's 0.25% hike, Ukraine hopes

But lingering economic headwinds including crude oil prices seen capping gains

U.S. Federal Reserve Chairman Jerome Powell speaks on March 16: Investors in Asia welcomed clarity on the outlook for interest rates. (Screenshot from  Federal Reserve website)

TOKYO -- Stocks rose across the board in Asia on Thursday, while the normally safe-haven yen was sold against the dollar and euro, as investors welcomed clarity on U.S. monetary policy after an expected Fed rate hike and signs of progress on a cease-fire in Russia's war in Ukraine.

Hong Kong led the regional rally, with the benchmark Hang Seng Index jumping 7.0% to close at 21,501.23, pushed higher by technology stocks such as Alibaba and Tencent.

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