Tokyo stocks rise on position adjustment ahead of US Fed outcome

Tokyo's Nikkei Stock Average surged 438.90 points, or 0.69 percent, on Wednesday, reaching 63,923.00, as investors adjusted their positions ahead of the U.S. Federal Reserve's policy meeting. The broader Topix index also gained 24.56 points, or 0.61 percent, bringing its close at 4,061.72.

Among the top-tier Prime Market, oil and coal product, mining, and textile and apparel shares led the gains. The U.S. dollar briefly strengthened to around 155 yen as a result of the yen's weakness and rising crude oil prices.

Stocks were mixed as traders awaited the Federal Open Market Committee's decision, which is anticipated to include an interest rate hike. The market showed a slight positive bias due to position adjustments. Analyst Toshikazu Horiuchi of IwaiCosmo Securities noted that the buying of non-technology shares contributed to the Topix index's rise, while the yen's dip near a one-week low spurred purchasing of exporters, including automobile shares.

The Nikkei index traded predominantly in negative territory during the early part of the session but was later boosted by strong performances from major technology shares, which were further supported by the Kospi index's gains in South Korea.