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The bulls are out in full force in Asia and many indices are trading at multi-year and all-time highs. Bloomberg reports the Morgan Stanley Capital International Asia-Pacific Index is now trading at its highest level since mid-May. In Wednesday trading, Japanese stocks rallied as concerns over a weakening domestic economy eased with a Cabinet Office report which showed improving economic indicators. iSharesPacific-EPP-Japan-EWJ-SP500-1yr-chart-12-05-06 Investors bought back shares of Mitsubishi UFJ (+1.4%) and Toyota (+1.0%) after they traded lower earlier in the day. The only damper was in South Korea, where further strength in the won hurt stocks with large exposure to exporting. Meanwhile in Australia, BHP Billiton and Rio Tinto made nice gains of 1.5% and 2.0%, respectively.
• Sources: Bloomberg
• Related commentary: UBS: "We Are Very Bullish on Japan", Nikkei Primed for Big Rally, Surf's Up: Ride the Australian iShare Wave, International ETFs Gain From the Dollar's Loss
• Potentially impacted stocks and ETFs: BHP Billiton (NYSE:BHP), Mitsubishi UFJ (NYSE:MTU), Rio Tinto (RTP), Toyota (NYSE:TM). ETFs: iShares Hong Kong (NYSEARCA:EWH), Malaysia (NYSEARCA:EWM) and Singapore (NYSEARCA:EWS) are trading at their highest levels since summer 1997. iShares Taiwan (NYSEARCA:EWT) is trading a penny off its 52-wk and all-time closing high set this past May. iShares S. Korea (NYSEARCA:EWY) reflects the renewed bullishness in the region, having rebounded to $50/share, but is limited by forex impact; it reached an all-time high of $52.15 in May. iShares Australia (NYSEARCA:EWA) is trading near its all-time high set in recent trading, well above its May highs. iShares Japan (NYSEARCA:EWJ) is approaching its June trading level, after hitting a 6-year high in May. iShares MSCI Pacific ex-Japan Index (NYSEARCA:EPP) is trading at an all-time high as it continues to surge past May highs.

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Source: Bears Already Hibernating in Asia?