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July 30th, 2013 
Peter Nolan
ASIAN markets have mostly rebounded from the previous day’s losses on bargain buying in cautious trade ahead of a closely watched policy meeting at the US Federal Reserve.
With the focus on the US central bank, investors brushed off losses on Wall Street, while Japanese shares enjoyed a pick-up thanks to a weakening yen.
Tokyo on Tuesday surged 1.53 per cent, or 208.69 points to 13,869.82, snapping a four-day losing streak that saw it give up 7.6 per cent. Seoul added 0.90 per cent, or 17.16 points, to close at 1,917.05 and Sydney was flat, edging up 0.87 points to 5,047.2.
Shanghai added 0.70 per cent, or 13.76 points, to end at 1,990.06 and Hong Kong advanced 0.48 per cent, or 103.81 points, to 21,953.96.
Investors are sitting on the sidelines before the Fed’s policy statement on Wednesday that they hope will provide an idea of its intentions for its $US85 billion a month stimulus program.
Most economists expect the scheme to be kept in place for the time being as the bank waits for the economy to show signs it can stand on its own two feet.
Also in traders’ sights this week are the release of non-farm jobs, second-quarter gross domestic growth and home prices.
On Wall Street, the Dow fell 0.24 per cent, the S&P 500 dropped 0.37 per cent and the Nasdaq eased 0.39 per cent.
In currency trade, the US dollar rose against the yen after hitting a one-month low on Monday.
The greenback bought Y98.20 compared with Y97.89 yen in New York late on Monday. The euro bought $US1.3269 compared with $US1.3264, while it also sat at Y130.28, from Y129.85.
The euro has enjoyed some measure of support from signs the eurozone is finally picking up strength and could even drag itself out of recession. With this in mind the European Central Bank is expected to hold off announcing any new interest rate cuts.
In Tokyo, investors seemed to shrug off data showing industrial output fell a heavier-than-expected 3.3 per cent month on month in June, while household spending also slipped.
However, the silver lining was news that unemployment had fallen to 3.9 per cent, its lowest level since October 2008.
On oil markets, New York’s main contract, West Texas Intermediate for delivery in September, was down 26 US cents at $US104.29 a barrel and Brent North Sea crude for September eased 10 US cents to $US107.35.
Gold cost $US1,321.20 per ounce at 1810 AEST, compared with $US1,334.38 late on Monday.
In other markets:
– Taipei rose 0.98 per cent, or 79.05 points, to 8,163.55. Taiwan Semiconductor Manufacturing Co was 2.0 per cent higher at $Tw102.0, while leading smartphone lens maker Largan Precision gained 3.86 per cent at $Tw1,075.
– Manila closed 0.15 per cent higher, adding 10.34 points to 6,728.00.
Manila Electric Co rose 0.27 per cent to 292 pesos, while Ayala Land advanced 0.33 per cent to 30.65 pesos and BDO Unibank gained 2.01 per cent to 83.70 pesos.
– Wellington fell 0.61 per cent, or 27.89 points, to 4,550.59.
Chorus was off 2.84 per cent at $NZ2.74, Telecom fell 2.18 per cent to $NZ2.245 and Air New Zealand was steady on $NZ1.45.
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