Sydney officials promised that the Australian city's annual world-renowned pyrotechnics show would be more extravagant than ever, with more than 1.6 million revelers expected to line the harbour today for a view.
The mood will be more subdued in the Philippines, which is three hours behind Sydney, where the lives of millions of people remain disrupted by Typhoon Haiyan.
In Sydney, the fireworks will be launched from four sails of Sydney Opera House for the first time in more than a decade.
The local council said the secret fireworks feature that will erupt on the Sydney Harbor Bridge will be twice the size of last year's centerpiece of the show.
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China was planning to count down to the New Year with light shows at two spectacular and historic locations, part of the Great Wall near Beijing and at the Bund waterfront in Shanghai.
In Japan, which is two hours behind Sydney, thousands of visitors, some donning kimono, will pray, ring a bell and toss coins as offerings at shrines across the nation tonight, wishing for health, wealth and happiness. Temple bells will ring the customary 108 times, for the 108 causes of suffering according to Buddhism, and welcome in the Year of the Horse.
The Tokyo Stock Exchange closed the year at a six-year high, rising nearly 60 per cent, a jump unseen in four decades, although a leading business newspaper warned in a New Year's Eve editorial that more reforms will be needed to sustain the growth.