Stocks in Asia traded higher Wednesday morning as hopes for a coronavirus vaccine rise.

In Japan, the Nikkei 225 gained 1.22% in early trade while the Topix index added 1.11%. South Korea's Kospi jumped 1.31%.

Over in Australia, the S&P/ASX 200 advanced 0.68%.

Overall, the MSCI Asia ex-Japan index traded 0.39% higher.

Investors on Wednesday watched for reaction to the latest developments surrounding a potential vaccine for the coronavirus. Biotech firm Moderna’s potential vaccine to prevent Covid-19 produced a “robust” immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data published in the peer-reviewed New England Journal of Medicine.

Source: CNBC