Asian Stocks Rise Ahead of Fed Rate Decision Amid Inflation Concerns

Asian stock markets were mostly higher on Wednesday despite losses on Wall Street, as investors await the Federal Reserve's decision on interest rates. The Fed is widely expected to hike rates for the first time in three years due to elevated inflation in the US.

The Nikkei 225 in Japan gained 0.4% to 63,721.89, despite Japan recording a fourth consecutive month of trade deficit in August. South Korea's Kospi rose 1.3% to 6,711.62.

AI-related stocks remained volatile after US AI leaders called for slowing the development of the technology to ensure safety. SoftBank Group, a key investor in OpenAI, dropped 1% after rising 7.5% the day before.

Brent crude stabilized early Wednesday at $108.18 a barrel, while benchmark US crude fell 0.8% to $104.94 a barrel.