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Tokyo stocks open 0.48% higher

AFP

Tokyo stocks opened 0.48 percent higher Wednesday after US stocks snapped a five-day losing streak, while traders await a Fed meeting later in the day.

The Nikkei 225 index at the Tokyo Stock Exchange gained 96.80 points to 20,425.69 at the start.

On Tuesday, US markets posted strong gains with positive earnings from UPS and a big rally in petroleum-linked stocks.

The Dow Jones Industrial Average rose 1.09 percent, while the broad-based S&P 500 gained 1.24 percent.

In Tokyo forex trade, the dollar was at 123.58 yen early Wednesday, slightly up from 123.56 yen in New York late Tuesday.

The euro changed hands at $1.1064 and 136.73 yen against $1.1058 and 136.64 yen in US trade.

Investors were looking ahead to a policy announcement Wednesday from the US Federal Reserve that could signal the timing of an interest rate increase later this year.