Asian stocks rose after the Federal Reserve expressed enough confidence in the U.S. labor market to taper asset purchases while promising to hold interest rates close to zero. Shares in China and Hong Kong fell on concern higher funding costs will hurt growth.

Nikkei 225 15,859.22 +271.42 +1.74%

S&P/ASX 200 5,202.23 +106.13 +2.08%

Shanghai Composite 2,127.79 -20.49 -0.95%

Fast Retailing Co., Asia’s biggest apparel chain, climbed 4.5 percent, pushing Japan’s Nikkei 225 Stock Average to its highest close since 2007 as the yen touched a five-year low to the dollar.

Fanuc Corp., a maker of factory robotics, rose 4.1 percent to a record in Tokyo.

Caltex Australia Ltd. surged 13 percent as the petroleum refiner said profit may climb to A$340 million ($300 million).

Hang Lung Properties Ltd., a Hong Kong developer that invests in mainland malls, fell 3.6 percent.