Woman walks past stock quotation board outside brokerage in Tokyo
A woman walks past a stock quotation board outside a brokerage in Tokyo February 14, 2012. The Bank of Japan surprised markets by loosening monetary policy further, boosting its asset buying and lending scheme to add more liquidity as it bowed to political pressure for bolder action to beat deflation and support the economy. REUTERS

Asian markets rose Tuesday amid hopes that policy makers in Europe would take measures to stem the debt crisis and regain the economic growth momentum.

Japan's Nikkei Stock Average rose 1.04 percent, or 86.37 points, to 8382. Shares of Mazda Motors, Sony Corp and Honda Motors gained 6.74 percent, 3.51 percent and 1.82 percent respectively.

Lack of bad news coupled with reports that G7 finance ministers and central bankers would hold an emergency conference call Tuesday helped the investor confidence. However, the reprieve may not last long unless there are concrete measures to curtail the euro zone debt crisis.

South Korea's Kospi advanced 1.05 percent, or 18.72 points, to 1801.85. LG Electronics (4.71 percent), Daewoo Shipbuilding (3.78 percent) and Samsung Heavy Industries (3.12 percent) were major gainers.

India's BSE Sensex index gained 0.48 percent, or 76.72 points, to 16065.12, tracking positive cues from other Asian markets and following recovery staged by the rupee. In India, investors are expecting a rate cut by the Reserve Bank of India following the comments by its Deputy Governor Subir Gokarn Monday that growth was lower than anticipated and oil prices had come off more than expected, which are two factors suggesting more room for monetary policy.

The Chinese Shanghai composite index rose 0.15 percent or 3.37 points to 2311.92, and Hong Kong's Hang Seng rose 0.40 percent, or 73.44 points, to 18259.03. In Hong Kong, the stocks of property companies gained led by Hang Lung Properties (1.9 percent) and China Resources Land (1.7 percent).

Market sentiments were positive as China's services activity in May grew at the fastest rate in 19 months, according to the HSBC Purchasing Managers Index (PMI) released Tuesday. The services PMI rose to 54.7 in May compared to 54.1 in April. China's Commerce Minister Chen Deming said that growth slowdown had been within the target. But if it deepened, the government would support domestic demand, investment and trade, he added.