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Shares in Asia gain led by Tokyo with all eyes on upcoming Fed meeting

Published 03/17/2015, 01:08 AM
Updated 03/17/2015, 01:09 AM
Asian shares gain
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Investing.com - Asian shares gained on Tuersday led by Tokyo with the focus on the Federal Reserve's meeting tomorrow.

The Bank of Japan board decided Tuesday 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.

Elsewhere, the Aussie remained 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.

The Nikkei 225 rose 1.15% and the Shanghai Composite gained more than 1% as market participants 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.

Overnight, U.S. stocks were higher after the close on Monday, as gains in the Health Care, Utilities and Industrials sectors led shares higher.

At the close in New York, 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%.

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