Asian stocks rose before a Federal Reserve policy decision as gains in energy and utility shares outweighed a decline in Japanese equities spurred by a stronger yen.
The MSCI Asia Pacific Index added 0.1 percent to 134.49 as of 9:09 a.m. in Tokyo after dropping 2 percent the previous two days. Japans Topix index sank 0.5 percent after the yen surged 1.2 percent versus the dollar yesterday. Russias currency plummeted to a record yesterday, defying a surprise interest-rate increase, while crude resumed declines today. The Fed will drop a pledge to keep interest rates near zero for a œconsiderable time, according to economists.
South Koreas Kospi index rose 0.3 percent. Australias S&P/ASX 200 Index gained 0.4 percent, while New Zealands NZX 50 Index was little changed.
Markets in Hong Kong and China are yet to open. Futures on Hong Kongs Hang Seng Index lost 0.2 percent in their most recent trading session, and contracts on the Hang Seng China Enterprises Index declined 0.6 percent. The Hang Seng gauge entered a correction yesterday after extending a decline from a Sept. 3 high to 10 percent.
Source : Bloomberg