Investing.com - Stocks in Tokyo gained on Wednesday, leading Asian markets higher as investors awaited a decision by the U.S. Federal Reserve on quantitative easing.
The Nikkei 225 rose 1.2% with the dollar moving back above ¥108, a level it broke through last Friday for the first time in two weeks. A stronger dollar is generally better for Japanese exporters, who earn in dollars and spend in yen back home.
Still, Wednesday's gains were capped ahead of the U.S. central bank's decision on interest rates later in the day.
Korea's Kospi was up 0.9% and Taiwan's Taiex was up 0.6%.
Hong Kong stock market watchdog chief Ashley Alder said on Wednesday his agency had completed all regulatory steps needed for the launch of a landmark trading scheme between exchanges in Hong Kong and Shanghai.
Many investors jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy on Wednesday.
The Fed is widely seen closing its bond-buying program, though uncertainty remains as to whether or not the statement will contain dovish or hawkish language surrounding interest rates.
Overnight, upbeat third-quarter earnings sent broader U.S. stock indices gaining on Tuesday despite hit-or-miss data.
The Dow 30 rose 1.12%, the S&P 500 index rose 1.19%, while the NASDAQ Composite index rose 1.75%.
Elsewhere, the U.S. Commerce Department reported earlier that total durable goods orders, which include transportation items, decreased by 1.3% last month, disappointing expectations for a gain of 0.5%.
Orders for durable goods in August were revised to a decline of 18.3% from a previously reported drop of 18.4%.
Durable goods are typically designed to last at three years and include trains, planes and automobiles.
Separately, the Conference Board reported earlier that its consumer confidence index jumped to 94.5 this month from 89.0 in September, boosted by a more favorable assessment of the current job market and business conditions.
Economists had expected the index to tick down to 87.0 this month, and stocks rose on the news.
The report left many investors concluding that while demand for goods and services in the U.S. remains cautious, consumers still remain upbeat over the U.S. economy and will ramp up spending soon.