Japan’s Nikkei 225 traded 0.61 per cent up, after ending 1.6 per cent higher in the earlier session
Asia-Pacific markets edged higher Tuesday, with Japan stocks leading gains for a second successive session ahead of the final U.S. Fed meeting of the year.
Japan’s Nikkei 225 traded 0.61 per cent up, after ending 1.6 per cent higher in the earlier session. The broader Topix gained 0.28 per cent.
Producer prices in Japan have increased at a faster-than-expected pace, notching a 0.3 per cent gain year-on-year compared with the 0.1 per cent increase estimated by economists polled by Reuters.
The Fed’s two-day meeting begins Tuesday, and the Fed is expected to maintain the Federal Funds rate steady in the 5.25 per cent-5.5 per cent range.
The Japanese yen showed some strength against the dollar, trading nearly 0.1 per cent up at 146.04 as investors will be closely watching the impact of the Fed’s decision on the dollar/yen pair.
Market players will also evaluate the U.S. November inflation data out late Tuesday, which are expected to come in at 3.1 per cent, as per a Reuters poll. This figure is marginally lower than the 3.2 per cent seen in October.
In Australia, the S&P/ASX 200 gained 0.4 per cent, and was on pace for its highest level since September.
South Korea’s Kospi jumped 0.28 per cent, while the smaller Kosdaq index slid slightly below the flatline.
Hong Kong’s Hang Seng index rebounded off a one-year low to add 0.48 per cent, but the mainland Chinese CSI 300 index dropped 0.28 per cent.
Overnight in the U.S., all three major indexes gained, with the Dow Jones Industrial Average logging its third consecutive day of gains.
The Dow gained 0.43 per cent to end at its highest since January 2022, while the S&P500 added 0.39 per cent and the Nasdaq Composite rose 0.20 per cent.
