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Shares across Asia in positive territory ahead of Fed Asian shares jump ahead of Fed interest rate decision
(about 5 hours later)
Shares in Asia were all in positive territory in early trade on Wednesday, following Wall Street's lead, and ahead of the US Federal Reserve's interest rate decision. Shares in Asia were all in positive territory on Wednesday ahead of the US Federal Reserve's long-awaited interest rate decision.
The US central bank is widely expected to raise rates for the first time since June 2006 later. The US central bank is widely expected to raise rates for the first time since June 2006 later in the day.
Japan's Nikkei 225 was up 1.7% at 18,884.5 on a weaker yen. Japan's Nikkei 225 closed 2.61% higher at 19,049.91 in one of its biggest daily gains in more than two months.
A weaker yen is good for Japan's big exporters as it makes their goods cheaper to buy internationally. Australia's S&P/ASX 200 closed up 2.42% at 5,028.40 after hitting its lowest level since mid-2013 on Tuesday.
Elsewhere, Australia's S&P/ASX 200 was up 2% at 5,007.5 after hitting its lowest level since mid-2013 on Tuesday.
The Sydney market was boosted by rises in the banking and commodities sectors.The Sydney market was boosted by rises in the banking and commodities sectors.
Sydney-listed shares of BHP Billiton were up more than 5%. Iron ore miner Fortescue Metals was up 3.6%, while shares of oil and gas producer Santos added more than 5%. Sydney-listed shares of BHP Billiton finished the day up 5.6%, while shares of iron ore miner Fortescue Metals and oil and gas producer Santos both added just over 5% each.
However, analysts said the positive trend could be short-lived. Slowing growth
"We wouldn't be surprised if we see our market get sold off towards the close as investors look to close their positions ahead of the US interest rate decision," said the chief executive of Australian Stock Report, Anthony D'Paul. Chinese markets headed higher with Hong Kong's Hang Seng index closing up 2% to 21,701.21, and the Shanghai Composite ended 0.2% higher at 3,516.19.
China's markets were also in positive territory, with Hong Kong's Hang Seng index up 2% at 21,705.5 points and the Shanghai Composite up 0.4% at 3,525.8 points. Mainland investors were cautious after a top government think tank - the Chinese Academy of Social Sciences - predicted that the Chinese economy was likely to grow between 6.6% and 6.8% in 2016.
In South Korea, the Kospi index was up 1.5% at 1,961.8 points. The government's target of about 7% growth this is year is already the slowest pace of expansion in 25 years.
In South Korea, the Kospi index closed up 1.88% at 1,969.4.