Asia-Pacific stocks set to rise; Fed’s Powell pledges higher rates till inflation comes down

Asia-Pacific stocks set to rise; Fed’s Powell pledges higher rates till inflation comes down

SINGAPORE — Shares in Asia-Pacific rose in Wednesday morning trade as investors watch for market reaction to comments from U.S. Federal Reserve Chairman on . The in Japan gained about 1% as shares of conglomerate jumped 2.77%. The Topix index traded 0.86% higher. Japan's economy shrank 1% on an annualized basis in January-March as compared with the previous quarter, government data showed Wednesday. That was less than the 1.8% contraction predicted in a poll, according to Reuters. South Korea's i rose 0.82%. Australian stocks also saw gains as the climbed 0.64%. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.44% higher. U.S. Fed Chair Jerome Powell said he will back interest rate increases till prices begin falling back toward a healthy level. Earlier in May, the —its largest hike in two decades — as it looks to fight inflation. Overnight on Wall Street, the S&P 500 jumped 2.02% to 4,088.85 while the tech-heavy Nasdaq Composite surged 2.76% to 11,984.52. The Dow Jones Industrial Average gained 431.17 points, or 1.34%, to 32,654.59. Currencies and oil The , which tracks the greenback against a basket of its peers, was at 103.323 after a recent decline from levels above 104. The traded