Asian stocks rose, with the regional benchmark index trading near a four-month high, before the Federal Reserve decides later today whether to slow its $85 billion of monthly asset purchases.

Sharp Corp. (6753) climbed 1.6 percent in Tokyo as consumer discretionary companies led gains on the Asia-Pacific benchmark index. Kawasaki Heavy Industries Ltd. (7012) surged 4.7 percent to a six-year high amid unconfirmed reports the Japanese manufacturer secured a 180 billion yen ($1.8 billion) railcar order. Kansai Electric Power Co. sank 1.9 percent in Tokyo after the utility halted units at two power plants.

The MSCI Asia Pacific Index gained 0.5 percent to 138.80 as of 4:23 p.m. in Hong Kong as eight of the 10 industry groups on the gauge advanced. Futures on the Standard & Poor?s 500 Index rose 0.1 percent.

?Any sort of announcement, whether it?s zero tapering or $5 billion or $10 billion is going to have an effect on the market no matter what,? Nick Maroutsos, Sydney-based managing director and co-founder of Kapstream Capital, which oversees about $5 billion, said by telephone. ?What we do know is that it?s going to be a very, very gradual withdrawal of stimulus. We are bullish on equities.?

Japan?s Topix index climbed 1 percent to a six-week high, with volume 35 percent above the 30-day average. Australia?s S& P/ASX 200 Index slid 0.3 percent from a five-year high and New Zealand?s NZX 50 Index (NZSE50FG) rose 0.1 percent.

Hong Kong?s Hang Seng Index slipped 0.3 percent and Taiwan?s Taiex Index slid 0.5 percent. China?s Shanghai Composite Index added 0.3 percent, while Singapore?s Straits Times Index climbed 0.5 percent. South Korea?s equity market is closed today for a holiday.

Fed Meeting

The Federal Open Market Committee is meeting to consider whether it will taper its $85 billion a month in bond buying. Analysts are divided on the amount by which the Fed will scale back its monthly asset purchases. Among 64 economists surveyed by Bloomberg News, 33 predict it will reduce its buying of Treasuries by $5 billion or less, with 31 forecasting a cut of $10 billion or more.

?It?s so up in the air right now that no one really knows what to expect,? said Maroutsos. ?To say things are largely priced into the market is a bit naive. Now that we?re getting data that?s relatively positive, with the jobs market on the right footing and the housing market doing better, this should all be stock-market positive.?

Speculation over the future of the Fed?s quantitative easing program has whipsawed global assets since May, when Chairman Ben S. Bernanke first signaled cuts may start in 2013. The Asia-Pacific index climbed to a four-month high this week after former Treasury Secretary Lawrence Summers withdrew his bid to be the next Fed chairman