Asian shares post a record high after Yellen calls for hefty fiscal relief plan

Asian shares skyrocketed on Wednesday, hitting a new record high as U.S. Treasury Secretary nominee Janet Yellen proposed a hefty fiscal relief package in light of lifting the pandemic-hit economy.

MSCI’s Asia-Pacific index outside Japan soared 0.95%, posting its best record ever. Hong Kong’s Hang Seng added 1.0%, nearing its highest level in 2019 while Australian shares moved up 0.6%, also reaching its all-time high.

Japan’s Nikkei, meanwhile, dropped 0.45% on profit taking.

On the other side of the globe, the U.S. Nasdaq futures increased 0.4%, with Netflix shares soaring 12.6% as it posted robust growth in subscribers and projected it will no longer need to raise debt.

During her confirmation hearing on Tuesday, Janet Yellen said the benefits of a big stimulus package are greater than the expenses of a higher debt burden.

Meanwhile, President-elect Joe Biden is set to assume the presidency on Wednesday under unprecedented security measures after the Jan. 6 assault on the Capitol.