Asian stocks rallied and the yen extended declines against major currencies on prospects the Federal Reserve will signal the fate of U.S. monetary stimulus at the end of its policy meeting today. Oil jumped to a nine- month high and metals and rubber advanced.
The dollar rose for a third day versus the yen amid speculation Federal Reserve Chairman Ben S. Bernanke will today provide more information about when U.S. policy makers will start to reduce bond purchases.
Stock futures in Japan, Hong Kong and Australia climbed as the yen weakened and as investors awaited the outcome of a Federal Reserve policy meeting for clues to the U.S. central bank’s plan for stimulus.
Asian equity futures rose, indicating shares from Japan to Australia may follow U.S. stocks higher, on prospects the Federal Reserve will signal the fate of monetary stimulus after its meeting today. The yen held declines, while natural gas and gasoline gained.
Japan sees an urgency in overhauling policies that favor domestic industries as it seeks to revive the economy and join talks on a Pacific-region trade deal, the government’s ambassador to the U.S. said.