Asian shares rose with investors highly expecting Wednesday Fed meeting
On Tuesday Asian shares traded higher led by Tokyo with the focus on the Federal Reserve's meeting tomorrow.
The Nikkei 225 surged 1.15% and the Shanghai Composite rose more than 1% as investors were now eyeing Wednesday’s Federal Reserve statement to see if it would drop its reference to being patient before raising rates and signal that it is ready to hike rates depending on economic data.
On Tuesday the Bank of Japan board decided by an 8 to 1 vote to leave the bank's policy target unchanged while revising down its near-term inflation outlook on weak oil prices.
The Australian dollar was weaker after the central bank released minutes of its latest policy decision that showed scope for a further cash rate cut.
A cash rate cut to a record low 2.25% in February needs to work its way through the economy, but a further cut may be appropriate, the Reserve Bank of Australia said in minutes from its March meeting.
U.S. stocks were higher overnight after the close on Monday, as gains in the Health Care, Utilities and Industrials sectors led shares higher.
The Dow Jones Industrial Average rose 1.29%, while the S&P 500 index gained 1.35%, and the NASDAQ Composite index gained 1.19% at the close in New York.
