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The release of the FOMC minutes indicated that it is unlikely that the Fed will begin tightening policy this year. Majority of board members are still concerned that ´´an early exit could unnecessarily damp the ongoing economic recovery.´´ REUTERS

Taiwan stocks rose 0.66 percent on Friday, with exporters like smartphone maker HTC up amid hopes the weaker Taiwan currency will bring in forex gains and help them compete better with Korean and other overseas rivals.

But construction shares .TCOI dipped 0.29 percent on local media reports that the finance minstry has proposed a 15 percent tax on investment properties held for less than one year.

The main TAIEX share index .TWII opened up 56.23 points at 8,654.10, extending gains from a 0.15 percent gain in the previous session.

HTC was up 0.3 percent and Hon Hai Precision,Taiwan's top electronics gear maker, added 0.9 percent, boosting electronics shares .TELI 1 percent higher.

The Taiwan dollar TWD=TP fell 0.228 percent to trade at T$29.828, retreating from 13-year highs hit earlier this month.

China Steel, Taiwan's top steel maker, was up 0.9 percent. The company will raise domestic prices by an average of 12.1 percent for April-May, reflecting higher coal prices spurred by recent commodity prices surges.

($1=T$29.7)

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