Published : 2013-09-19 11:34
Updated : 2013-09-19 11:34
Asian stocks rose, with the benchmark regional equities gauge climbing to a four-month high, after the Federal Reserve unexpectedly refrained from cutting economic stimulus.
The MSCI Asia Pacific Index climbed 1.3 percent to 140.54 as of 10:02 a.m. in Tokyo as all 10 industry groups on the gauge advanced. Markets are yet to open in Hong Kong, while those in mainland China, South Korea, Taiwan and Sri Lanka are closed for holidays.
The Federal Open Market Committee said that it wants to see more more evidence that improvement in the U.S. economy will be sustained before adjusting the pace of its $85 billion in monthly purchases of Treasury and mortgage debt.
Analysts had predicted a $5 billion reduction, according to estimates compiled by Bloomberg.
While there is no fixed schedule, tapering could begin later this year should the data confirm the Fed’s “basic outlook,” Chairman Ben S. Bernanke said.