Everyone Is Crediting the Fed for Fixing Asian Markets

Asian stocks open up for the first time in a week

Asian markets opened up slightly for the first time in seven days on Wednesday, and everyone is giving the credit to the Federal Reserve. "Asian Markets Rise on News From U.S. Federal Reserve," is The New York Times header on their Eastern market report. "Asian stocks rebound after U.S. Fed puts rates on hold," says the BBC. "Asian Stocks Gain On U.S. Fed's Low-Rate Pledge," reports Bloomberg. The Wall Street Journal's Market Watch blog set their header as, "Asian stocks bounce to pare recent losses," though they later wrote, "South Korea’s won strengthened the most in six months and commodities rallied, with oil rebounding from a 10-month low, after the Federal Reserve pledged to keep interest rates near zero through mid-2013." The lone holdout comes via the Washington Post, of all places, who didn't mention the Fed once. They gave all the credit to the late day market rally, where the Dow jumped a little over 400 points.

Japan's Nikkei 225 and Australia's ASX gained 2 percent around lunchtime Wednesday, and South Korea's Kospi gained 4 percent, according to the BBC story. Bloomberg is reporting the MSCI Asia Pacific Index went up by 2.5 percent around the same time.