LONDON (CNNfn) - Most of Asia's leading markets closed higher Wednesday, as Japan's Nikkei index climbed in the wake of blue-chip gains on Wall Street and ahead of a key meeting of Bank of Japan monetary policy makers on Friday. But drooping telecom sector stocks weighed on Hong Kong's major index.
Tokyo's benchmark Nikkei 225 index closed up 214.49 points, or 1.4 percent, to 16,034.60, with top Internet, commerce and mining companies posting solid gains.
The Hang Seng index in Hong Kong ended down 29.85 points, or 0.2 percent, to 17,181.99, with property developer Hang Lung Development falling 4.4 percent. Singapore's market was closed Wednesday.
In other leading Pacific Rim markets, Australia's S&P/ASX 200 index added 0.3 percent. The Taiwan Weighted index in Taipei rose 3.2 percent and the KOSPI index in Seoul rocketed 6.6 percent - its biggest one-day gain in five months -- after the government urged a reform plan for the conglomerate Hyundai Group.
Wall Street closed mixed Tuesday, with the blue-chip Dow Jones industrial average climbing 109.88 points, or 1 percent, to 10,976.89, while the Nasdaq composite index fell 0.4 percent.
In the currency market, the dollar slipped against the Japanese yen. The U.S. greenback fetched ¥108.12, compared to ¥108.66 in late New York trading Tuesday. Bank of Japan governor Masaru Hayami reiterated his hawkish interest-rate stance 2 days before Friday's policy meeting, telling lawmakers it is odd to keep holding short-term interest rates at zero.
Brakes slammed on Bridgestone
Shares in tire maker Bridgestone skidded 8.2 percent in Tokyo on news it was set to recall millions of tires that U.S. safety regulators have been investigating for defects.
Copier and printer maker Canon rose 3.1 percent after reporting net profit of ¥68.48 billion for the six months ended in June - more than double a year earlier - due to strong sales of printers, digital copiers and digital cameras.
Internet investor Softbank rose 10.3 percent to ¥10,750, extending its strong gains of the past two sessions as investors re-evaluated its 88-percent tumble from its share split-adjusted peak of ¥66,000 hit in February. Fellow Internet investor and telecom company Hikari Tsushin rose 11 percent.
Itochu Techno-Science rose 11.4 percent. The information processing division of Itochu Corp said Monday it was raising its net profit forecast for the six months to September to ¥2.6 billion (24 million) from ¥2.25 billion. On Tuesday Nikko Salomon Smith Barney upgraded its rating on the company.
In Hong Kong, shares of Hang Seng index heavyweight China Mobile dropped 1.2 percent and CCT Telecom fell 1.1 percent.
Among the top gainers in Taipei were Taiwan Semiconductor, up 3.6 percent, while United Micro rose 2.5 percent.
In Seoul, shares of mobile phone leader SK Telecom soared 14.9 percent, nearing the daily limit of 15 percent, as chip giant Samsung Electronics rose 7.5 percent.
Elsewhere in Asia, Jakarta's JSX index fell 0.4 percent, Manila's PHS composite rose 1.4 percent, the KLSE composite in Malaysia shed 0.8 percent while the Bangkok SET dropped 1 percent. 
-- from staff and wire reports
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