September 18, 2013- Stocks Trade Mixed Ahead of Stimulus Statement

Asian stocks turned in a mixed performance on Wednesday as investors braced for the prospects of modest Fed stimulus tapering. At the end of its two-day policy meeting later today, the U.S. Federal Reserve is expected to announce a $5-10 billion reduction in its monthly asset purchases, while keeping interest rates close to zero as part of efforts to support growth and reduce unemployment. Many expect Chairman Ben Bernanke's press conference to be dovish. Japan's Nikkei index rallied 1.4 percent to its highest level in eight weeks in relatively thin trading as investors prepared for potential Fed action. The broader Topix index added a percent. Heavyweights led the rally, with Fanuc and Fast Retailing gaining 2-3 percent. Auto parts maker Denso rose 1.8 percent and semiconductor maker Tokyo Electron soared 5.3 percent. Brokerages Daiwa Securities and Nomura Holdings rose over 2 percent each on a Nikkei report that more than 2 million accounts have been opened ahead of the start of NISA tax-free investment program transactions in January. Kawasaki Heavy Industries climbed 4.7 percent amid reports it has secured a 180 billion yen rail-car order.