SEOUL, South Korea — Asian stock markets rose Tuesday as overnight gains on Wall Street and the Japanese prime minister's vow to focus on economic reforms helped investors brush off a downbeat U.S. housing survey and weak quarterly earnings.
Japan's Nikkei 225 was 0.8 percent higher at 14,774.09, its second day of gains since Prime Minister's Shinzo Abe's ruling coalition gained control of the upper house in weekend elections, possibly making it easier to implement reforms aimed at lifting the world's No. 3 economy out of its long slump.
Abe pledged that economic recovery will be the government's top priority.
Since Abe took office following a lower house election victory in late December, aggressive monetary easing and government spending have helped push stocks higher while business confidence has improved and the weaker yen has eased pressure on exporters.
South Korea's Kospi rose 1.1 percent to 1,900.52. South Korea's government said it will unveil a new set of measures to boost the stagnant real estate market including lower taxes on purchases of properties.
Hong Kong's Hang Seng advanced 2 percent to 21,851.97 and Australia's S&P/ASX 200 gained 0.4 percent to 5,019.50. Stocks in mainland China, Taiwan, the Philippines and Indonesia also rose.
Investors in Asia are looking ahead to a week full of corporate earnings reports. Apple Inc. will disclose its quarterly results after the U.S. market closes on Tuesday. In Seoul, Asian tech titan Samsung Electronics will release its quarterly performance before trading starts on Friday.
On Monday, the Dow Jones industrial inched up 0.01 percent to 15,545.55. McDonald's slump following its weaker-than-expected quarterly performance weighed on the index.
The Nasdaq composite climbed 0.4 percent to 3,600.39. The S&P 500 rose 0.2 percent to 1,695.53 on Monday. The index is at an all-time high, though trading volumes were lower than average.
A surprising fall in U.S. existing home sales in June to a seasonally adjusted annual rate of 5.08 million kept investor sentiment on Wall Street in check.
In currency markets, the dollar rose to 99.49 yen from 99.32 yen late Monday. The euro rose to $1.3199 from $1.3186.
Benchmark crude for September delivery was up 23 cents to $107.17 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $1.14 to finish at $106.91 on Monday.
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