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Asian Shares Rally After Fed Stands Pat

Asian stocks rallied after the Federal Open Market Committee decided on Wednesday to keep its monetary policy on hold.

In a surprise decision, the FOMC decided to keep its bond-buying program at $85 billion. Most economists had expected a slight decline in purchases of between $5 billion and $15 billion.

Around the region, Japanese exports rose 14.7% on year in August, the Ministry of Finance said. The result compared with the median forecast for a 13.9% rise according to a poll of economists by Dow Jones Newswires and the Nikkei.

In ADR news, plans to invest $800 million to boost production capacity at a factory in the province of Buenos Aires.

The plan, Toyota ( TM ) plans to invest $800 million to boost production capacity at a factory in Buenos Aires. The plan, unveiled Wednesday by Argentine Industry Minister Debora Giorgi, will almost double the size of the factory and allow the company to raise vehicle output to 140,000 units a year from 92,000 currently.

In ADR news, Daqo New Energy Corp.'s ( DQ ) wholly owned subsidiary, Xinjiang Daqo New Energy Ltd., has signed long-term contracts with 3 Chinese wafer manufacturers to provide them with monthly supplies of polysilicon starting from September 2013 to December 2014. According to the contracts, from September 2013 to December 2014, Xinjiang Daqo New Energy will provide over 70% of its output to the 3 customers. The selling prices will be discussed and decided based on spot market prices at the time.

Markets in China, Taiwan and Korea are closed for holidays until September 23. Hong Kong markets are closed on Friday.

The Nikkei ended up 1.8% at 14766.18, the Hang Seng up 1.7% at 23502.51 and the Straits Times up 1.81% at 3,251.78.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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