* MSCI Asia ex-Japan rises 0.4 pct, Nikkei hits new
* Japan parliament endorses Kuroda as next BOJ head
* Australia leads gains, Seoul drags
* European shares seen narrowly mixed
By Chikako Mogi
TOKYO, March 15 (Reuters) - Asian shares rebounded from
three days of losses on Friday as new U.S. data suggested a
steady recovery in the world's largest economy, bolstering
investors' risk appetite while underpinning the dollar against
European markets were seen pausing after surging to fresh
4-1/2 year peaks on Thursday, with financial spreadbetters
predicting London's FTSE 100, Paris's CAC-40 and
Frankfurt's DAX to open between a 0.1 percent rise and
a 0.2 percent fall.
A 0.1 percent gain in U.S. stock futures pointed to
further strength in Wall Street.
The Dow Jones Industrial Average extended its record
close on Thursday and the Standard & Poor's 500 Index
closed just a hair below an all-time closing high on a
lower-than-expected weekly U.S. jobless claims report.
The MSCI's broadest index of Asia-Pacific shares outside
Japan rose 0.4 percent, after falling earlier in
the week as investors took profits from regional rallies that
took some indexes to record peaks or multi-year highs.
The index was set for a weekly decline of around 0.9
percent, whittling down its gains for the year to date to just
under 3 percent.
"Initial glumness at the prospect of potentially no further
rate cuts today gave way to a far cheerier mood from investors,
which was more in alignment with the mood from offshore
markets," said Tim Waterer, senior trader at CMC Markets of
Australian shares, which led the gains in the
Asian-Pacific region with a 1.8 percent rally.
The Australian dollar, often used as a gauge for investor
risk appetite, was at $1.0372, not far from Thursday's
five-week high touched after a strong local employment data
reduced the chances for a rate cut by the Reserve Bank of
Hong Kong shares rose 0.5 percent and Shanghai shares
soared 1.3 percent, led by banking and railway counters
on restructuring of the mainland's vast rail operations.
South Korean shares underperformed with a 0.6
percent drop, as heavyweight Samsung Electronics slipped after
the launch of its new smartphone, but losses were limited by a
rebound in auto shares, which were buoyed by a weaker won.
YEN, NIKKEI AND ABE
Japan's Nikkei stock average was among the regional
outperformers, climbing 1.3 percent to a new 4-1/2-year peak
after parliament approved Haruhiko Kuroda as the next governor
of the Bank of Japan and his two new deputies.
Markets are expecting the BOJ to take more aggressive easing
measures, possibly as soon as its next scheduled policy meeting
on April 3-4.
"We see several signs of a little bit of overheating in the
Japanese market, but strength in the overseas market serves as a
tailwind to Japanese equities," said Hiroichi Nishi, an
assistant general manager at SMBC Nikko Securities.
Expectations that the new BOJ leadership will accommodate
reflationary policies sought by Prime Minister Shinzo Abe as
part of his economic revival plan have driven yen selling and
share buying for the past four months.
Some market observers say the premiums based on such
expectations are now fully priced in to the dollar, which may be
topping out against the yen, as seen in risk reversals -- or put
and call options -- flipping toward bets that the yen will rise.
"As the actual BOJ meeting approaches, some people are
getting scared," said Daisuke Karakama, market economist for
Mizuho Corporate Bank in Tokyo, adding Kuroda may run out of new
policy options in the next three to four meetings and may revert
to conventional buying of government bonds.
"Fundamental supply/demand related reasons justified selling
the yen down to 90, but the additional 5-6 yen to current levels
is purely due to the Abe premiums. Now, it's a tug-of-war with
the Japan-specific yen selling and the dollar buying based on
the strength of the U.S. economy," Karakama said.
The dollar was trading at 96.16 yen, nearing
Tuesday's high of 96.71 yen, its peak since August 2009.
ENCOURAGING U.S. DATA
U.S. data showing a lack of broad price pressures on
Thursday left scope for the U.S. Federal Reserve to keep in
place the very accommodative monetary policy that has helped
support asset prices around the world.
The dollar index eased to 82.536 but stayed close to
its seven-month high of 83.166 touched on Thursday.
"With the U.S. dollar converting from a funding towards an
asset currency, we would expect bullish emerging markets trades
to be funded in low-cost, fundamentally weak G-10 currencies"
such as the yen, the euro and sterling, Morgan Stanley said in a
Crude oil was up 0.2 percent to $93.25 a barrel while
Brent rose 0.5 percent to $109.46.
"The numbers we are seeing in the United States are a result
of the cheap money that has been available," said Jonathan
Barratt, chief executive of Sydney-based commodity research firm
London copper gained 0.4 percent to $7,829 a tonne
and was set to close higher for a second straight week after the
latest sign of a recovery in the global economy, but muted
buying from top consumer China curbed upside momentum.