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EMERGING MARKETS-Emerging stocks track Nikkei higher after BOJ, await Fed

| LONDON, Sept 21

LONDON, Sept 21 Asian stock market gains on the back of a rally in Tokyo boosted emerging equities half a percent on Wednesday as investors digested the Bank of Japan's latest policy moves and waited for the U.S. Fed to conclude its meeting.

The Bank of Japan pledge for "yield curve control" via more purchases of longer-dated bonds weakened the yen and prompted a rise in 10-year yields to above zero for the first time since March. That in turn has pushed German and U.S. yields higher, a potential negative for emerging assets.

But Asian stocks tracked their Japanese counterparts higher, with Hong Kong, Seoul and Taipei markets all rising more than half a percent and boosting MSCI's emerging equity index to a new one-and-half week high.

Average dollar bond yield spreads over Treasuries tightened two basis points to 10-day lows of 339 bps.

But currencies across Asia fell against the dollar in line with the yen, with some jitters before a U.S. Federal Reserve announcement later in the day, which could give signals on the timing of the bank's next rate rise.

"The FOMC meeting later today is the most relevant event for emerging markets. I struggle to see the action from the BoJ having a dramatic impact for emerging markets," said Cristian Maggio, head of emerging markets strategy at TD Securities.

Higher longer-dated U.S. yields are often considered negative for emerging assets but some analysts said steeper developed yield curves were not necessarily bad news if their improved the outlook for banks, currently burdened by sub-zero bond yields.

"Developed markets bank performance is very important for emerging markets given the latter's dependence on the flow of capital from DM; banks are backbone of that transmission," BNP Paribas analysts wrote.

"Therefore, a rally in DM banks decreases the concerns about possible disruptions in flows to EM and is supportive for EM performance."

The biggest currency winner of the day was the South African rand which jumped 1 percent against the dollar to a new one-month high. Benchmark bond yields slipped to two-week lows as data showed August inflation at a nine-month low of 5.9 percent.

The central bank is expected to keep rates on hold on Thursday. Maggio noted inflation was close to the upper end of the target range of 6 percent.

"The (central bank) has already been pre-emptive in hiking interest rates this year, so they need to give time for monetary policy to pass through into the real economy. As long as their expectation that inflation is going to go lower doesn't change, they won't feel urged to take action at this stage," he added.

For GRAPHIC on emerging market FX performance 2016, see link.reuters.com/jus35t

For GRAPHIC on MSCI emerging index performance 2016, see link.reuters.com/weh36s

For GRAPHIC on MSCI emerging Europe performance 2016, see link.reuters.com/jun28s

For GRAPHIC on MSCI frontier index performance 2016, see link.reuters.com/zyh97s

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see ) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg

on year

Morgan Stanley Emrg Mkt Indx 902.81 +3.99 +0.44 +13.68

Czech Rep 865.27 -0.26 -0.03 -9.52

Poland 1756.51 +0.92 +0.05 -5.52

Hungary 28344.13 +135.47 +0.48 +18.49

Romania 7032.55 +52.35 +0.75 +0.40

Greece 562.59 +2.00 +0.36 -10.89

Russia 978.16 +8.45 +0.87 +29.21

South Africa 44683.24 -181.38 -0.40 -2.43

Turkey 77434.52 +121.06 +0.16 +7.96

China 3025.48 +2.48 +0.08 -14.51

India 28535.94 +12.74 +0.04 +9.26

Currencies Latest Prev Local Local

close currency currency

% change % change

in 2016

Czech Rep 27.00 27.00 -0.00 -0.02

Poland 4.30 4.30 -0.06 -1.01

Hungary 308.33 308.83 +0.16 +2.05

Romania 4.45 4.45 -0.07 +1.57

Serbia 123.06 123.05 -0.01 -1.29

Russia 64.42 64.66 +0.38 +13.24

Kazakhstan 338.82 339.50 +0.20 +0.50

Ukraine 25.89 25.91 +0.08 -7.49

South Africa 13.73 13.91 +1.30 +12.59

Kenya 101.20 101.20 +0.00 +0.99

Israel 3.78 3.78 +0.03 +2.96

Turkey 2.98 2.98 +0.02 -2.02

China 6.67 6.67 -0.02 -2.68

India 67.03 66.98 -0.07 -1.23

Brazil 3.26 3.26 +0.03 +21.58

Mexico 19.76 19.81 +0.27 -13.09

Debt Index Strip Spd Chg %Rtn Index

Sov'gn Debt EMBIG 364 -1 .04 763.27

(Additional reporting by Claire Milhench; Editing by Andrew Heavens)

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