Asia Stocks Gain on Rate Cut Wagers, Yen Stays Near 38-Year Lows

GLOBAL MARKET - SINGAPORE. Asian stocks rose on Wednesday as comments from Fed Chair Jerome Powell reinforced expectations that U.S. rate cuts were not far off, while the yen remained pinned near levels last seen in 1986, keeping traders wary of Japanese intervention.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.26% higher, while Japan's Nikkei rose 0.49%, stalking the record high touched in March.