Asian stock markets higher than eye Fed, the Nikkei up 1.23 %

STOCK NIFTY TIPSAsian stocks followed their U.S. counterparts higher Wednesday , advancing before the conclusion of the Federal Reserve meeting two days later on Wednesday .

In Asian trading Wednesday, the Japanese Nikkei 225 rose 1.23 % after the Ministry of Economy, Trade and Industry said Japan’s industrial production rose 1.5 % last month after falling 0.9 % in August. Economists had expected an increase of 1.8% in September .

The industrial production data came a day after Japan Bureau of Statistics said the country’s unemployment rate fell to 4 % last month from 4.1 % in August. Economists expected a reading of 4% for September.

Hang Seng in Hong Kong before 0.83 % while the Shanghai Composite rose 0.76 %. Chinese shares rose after earnings reports impressive energy giants PetroChina and Sinopec , two largest oil companies in the country.

Repurchase rate seven days of China rose 2 basis points to 5.0535 .

In Australia S & P / ASX 200 added 0.5 % to close at their highest levels in five years. Operators are reflecting on what the Reserve Bank of Australia will do after a Bloomberg article said RBA Governor Glenn Stevens cut or embossed Australia benchmark rate 26 times since his term began in September 2006, good for the highest amount among the developed world’s central bankers .

Traders watch RBA unlikely to act in any direction in the short term.

From New Zealand NZSE 50 rose 0.31 % despite reports that Moody ‘ s Investors considered pulling its AAA rating in the country. Moody is the only one of the three major rating agencies which is rated AAA sovereign debt of New Zealand.

South Korea’s Kospi rose 0.07 % even after the National Statistical Office of Korea said that retail sales in South Korea fell 2 % last month after rising 0.3 % in August. The August reading was revised down from an initial increase of 0.4 % . Analysts had expected a gain of 0.2% in September .

A separate report showed that industrial production in South Korea fell 2.1 % in September, following a 1.6% increase in August. The August reading was revised down from 1.8% . Analysts expected a decline of 0.4 % in September .

Singapore Straits Times Index added 0.27 % , while 500 S & P futures were up 0.01 %.

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