Asian stocks rose, following a rally in U.S. shares, as crude oil prices jumped and investors awaited the Federal Reserve’s first interest rate increase in almost a decade.

The MSCI Asia Pacific Index rose 1.3 percent to 128.31 as of 9:05 a.m. in Tokyo, its first advance in seven days. The gauge lost more than 4 percent in the previous six sessions, reaching the lowest level since Oct. 2. The Standard & Poor’s 500 Index capped its first back-to-back gains in more than a month as energy companies led a rally with crude oil.

Investors are shrugging off concerns over commodities and junk bond markets to focus on the Fed’s policy decision due in less than 24 hours, with traders pricing in 78 percent odds that rates will be raised for the first time since 2006, ending the era of near-zero borrowing costs.

U.S. data on Tuesday reinforced expectations for a gradual increase in rates, with the cost of living holding steady in November, underscoring scant inflation that is well below the policymaker’s goal. Tightening policy would solidify the Fed’s divergence from central banks in Europe and Japan.

Source : Bloomberg