Asian stocks rise but gains limited by Fed doubts

Most Asian stock markets climbed Wednesday but gains were modest amid worries the U.S. Federal Reserve's stimulus measures may be smaller than expected.

Japan's benchmark Nikkei 225 stock index rose 64.36 points or 0.7 percent to 9,441.74, helped by a weaker yen. Exporters advanced as a result, with Toyota Motor Corp. up 1.9 percent.

But investors were reluctant to trade heavily ahead of the release of corporate results from major Japanese companies later this week.

Hong Kong's Hang Seng index rose 0.4 percent to 23,704.30 and mainland China's benchmark added 0.2 percent to 3,048.08. Stock gauges in Singapore, Malaysia and Indonesia were also higher.

Decliners included South Korea's Kospi, down 0.1 percent at 1,916.69 after government figures showed the country's economic growth slowed sharply in the third quarter. Asia's fourth-largest economy expanded 0.7 percent in the July-September period after 1.4 percent growth in the previous quarter.

Australia's S&P/ASX 200 shed 0.5 percent to 4,665.50.

On Wall Street, the Dow Jones industrial average closed up 5.41 points, or 0.1 percent, at 11,169.46. The Standard & Poor's 500 index rose 0.02 to 1,185.64, while the technology-focused Nasdaq composite index rose 6.44, or 0.3 percent, to 2,497.29.

Investors have bet that the U.S central bank will enact a bond-buying program in early November in a bid to support the U.S. economy. Buying bonds would drive interest rates and yields even lower, which makes stocks a more attractive investment.

Traders have speculated the size of the Fed's bond purchase will be around $500 billion. But investors were worrying it may be smaller than previously expected following a speech Monday by William Dudley, the president of the Federal Reserve Bank of New York.

Dudley said further Fed action was "likely to be warranted" unless the economic outlook improved. Still, he added that the Fed "cannot wave a magic wand and make the problems remaining from the preceding period of excess vanish immediately."

In currencies, the dollar rose to 81.64 yen from 81.41 yen late Tuesday. The euro fell to $1.3828 from $1.3856.

Benchmark crude for November delivery was down 27 cents in electronic trading on the New York Mercantile Exchange. The contract rose 3 cents to settle at $82.55 on Tuesday.