Tokyo stocks hit 8-week high ahead of Fed policy meeting results

Tokyo stocks sharply rebounded on Wednesday to hit an eight-week high, ahead of the release of the two-day US Federal Open Market Committee meeting outcome later in the day. The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) rose 193.69 points, or 1.35 percent, from Tuesday to 14,505.36, its highest close since July 25. The broader Tokyo Stock Price Index, which includes all shares on the market's First Section on the TSE, was also up 11.43 points, or 0.97 percent, to 1,193.07, with 30 of 33 subindexes ending in positive territory. The US Federal Reserve is widely expected to scale back its USD 85-billion-a-month bond-buying programs. In the currency markets, at 3:40 p.m. (0640 GMT), the dollar fetched JPY 99.21-24 against JPY 99.07-17 in New York and JPY 99.23-24 in Tokyo at 5 p.m. Tuesday.