MSCI MSCI Inc

Markets in Asia rose Thursday after the U.S. Federal Reserve said it would raise its benchmark interest rate from near zero for the first time since December 2008.

Australia's S&P/ASX 200 rose 1.4%, Japan's Nikkei Stock Average gained 2.2% and South Korea's Kospi rose 0.2%.

The Australian dollar jumped as much as 1.4% overnight to $0.7280 from $0.7177. It also outperformed against other major currencies, such as the euro, in a sign that the Fed decision, widely expected by investors, has increased confidence in global growth.

"The Fed has been very clear in communicating its thinking and the markets clearly appreciated that," said James White, senior investment analyst at Colonial First State Global Asset Management.

For months, expectations of higher U.S. rates rattled Asian markets, as investors feared higher borrowing costs, particularly for emerging-market firms with lots of U.S. dollar debt. The prospect of higher-yielding assets in the U.S. also drew investors away from riskier assets.

Benchmarks in Southeast Asia have been some of the region's worst performers in the past year, with stocks in Thailand and Indonesia both down 11% in the past 12 months. A stronger U.S. dollar has also weakened emerging market currencies and commodities, typically priced in the U.S. currency, which become more expensive to other currency holders. Malaysia's ringgit is down 23% year-to-date and commodities from oil to industrial metals are hovering near fresh lows.

Yet investors appear to have taken comfort in the Fed's well-telegraphed move as a testament of the central bank's confidence in the world's biggest economy. The Fed has also signaled that the pace of future increases would be gradual.

Investors see a 55% probability of another rate increase in April, according to a poll by CME Group. The first move, which takes effect Thursday in the U.S., would increase the federal-funds rate by a quarter percentage point to between 0.25% and 0.5%.

Analysts also say investors can anticipate some of the benefits that come with higher rates. Some fund managers, for example, have begun to bet on regional exporters that would get a boost from a U.S. recovery as well as banks, whose loan spreads widen as U.S. rates rise.

MSCI Inc.'s Asia ex-Japan benchmark has risen within the nine months following previous Fed tightenings, including in June 2004, when the index rose as much as 37% from trough to peak, according to analysis by Credit Suisse.

In currencies, the British pound briefly touched a one week high of $1.5085 after the rate decision. The U.S. dollar increased slightly against the Japanese yen and euro.

The yen was last down 0.2% at ¥ 122.47 to one U.S. dollar compared with late Wednesday in Asia, and reached its weakest level in more than a week.

The Australian dollar was last down 0.4% from late Wednesday in Asia, at $0.7206.

Brent crude oil, the international benchmark, was last up 0.5% at $37.57 a barrel.

Gold fell 0.6% to $1,070.60 a troy ounce.

Write to Chao Deng at Chao.Deng@wsj.com and Rachel Pannett at rachel.pannett@wsj.com

(END) Dow Jones Newswires

December 16, 2015 20:35 ET (01:35 GMT)

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