U.S. equities advanced and the greenback rose following the unveiling of a long-awaited tax reform plan stateside ahead of Asian trade on Thursday.

A highly-anticipated plan to reform taxes in the U.S. was released by Republicans on Wednesday. The framework proposed bringing the corporate tax rate to 20 percent from 35 percent and reducing the highest individual income tax rate to 35 percent from 39.6 percent.

Investors stateside cheered the tax reform, with stocks closing the last session higher. The Dow Jones industrial average rose 0.25 percent, or 56.39 points, to close at 22,340.71, the S&P 500 gained 0.41 percent to 2507.04, and the Nasdaq outperformed, climbing 1.15 percent, or 73.1 points, to end at 6,453.26.

Despite optimism on Wall Street, questions remained over how the tax cuts would be funded.

Still, the dollar gained on the developments out of Washington as well as a better-than-expected durable good orders print in August.

The dollar index, which tracks the greenback against a basket of rivals, stood at 93.361 at 6:43 a.m. HK/SIN after rising as high as 93.607 overnight. Against the Japanese currency, the dollar firmed to fetch 112.85 yen.

The yield on the ten-year U.S. Treasury note rose to 2.31 percent on Wednesday, up from levels around 2.2 percent on Tuesday.

In Asia, futures implied a higher open for equities in Japan. Nikkei futures traded in Chicago were up 0.75 percent at 20,420, and Osaka futures were 0.56 percent higher at 20,380, at 6:22 a.m. HK/SIN. Those were above the Nikkei 225’s previous close of 20,267.05.

Australian SPI futures were mostly unchanged, tracking 0.06 percent lower at 5,661, compared with the S&P/ASX 200’s Wednesday close of 5,661.

Potential market movers in the day include Chinese insurer ZhongAn Online, which will make its debut on the Hong Kong Stock Exchange.

On the energy front, Brent crude slid close to 1 percent to settle at $57.90 a barrel. U.S. crude added 0.5 percent to settle at $52.14 as U.S. stockpiles drew down more than expected last week, Reuters reported.

In economic news, the Reserve Bank of New Zealand on Thursday kept its cash rate steady at 1.75 percent. The central bank also said in a statement that a softer Kiwi dollar would help to fuel inflation. That was a slight change in language from the RBNZ’s August statement that said a weaker Kiwi dollar was “needed,” Reuters reported.

The Kiwi dollar traded at $0.7203 at 6:54 a.m. HK/SIN, barely changed from Wednesday levels.

Elsewhere, the Bank of Thailand on Wednesday kept its policy rate unchanged, as was widely expected. Still, the move was contrary to calls from the government to cut rates due to the firmer Thai baht, according to local media.

In other currency moves, the Canadian dollar fell sharply against the dollar overnight after Bank of Canada Governor Stephen Poloz gave a speech seen dovish by the markets. The loonie traded at 1.2476 to the dollar at 7:03 a.m. HK/SIN, weaker than the 1.23 handle seen for the past week.