Japanese stocks rally

TOKYO, Dec 24 (Reuters): Japanese stocks rallied and the dollar stood tall on Wednesday thanks to surprisingly robust US economic growth, helping investors head into the Christmas holidays in a more relaxed mood after the global markets turbulence of the past two weeks.
Risk appetite got a helping hand from revised data showing the US economy grew at a 5.0-per cent clip in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth has decisively shifted into higher gear.
That drove both the Dow and the S&P 500 to record closing highs overnight.
Tokyo's Nikkei followed suit, rising 1 per cent and South Korea's Kospi was up 0.2 per cent.
MSCI's broadest index of Asia-Pacific shares outside Japan was steady.
The strong US GDP prompted markets to bring forward the timing of a likely hike in interest rates by the Federal Reserve, pushing Treasury yields up and giving an already strong dollar fresh momentum.
The two-year US Treasury yield rose to a high not seen in almost four years in light of the Fed expectations.