Markets in the Asia-Pacific traded higher as the U.S. Federal Reserve said they expect to switch to smaller rate hikes "soon," according to minutes released on Wednesday. Stocks in Malaysia rose as the state palace announced Anwar Ibrahim as the nation's prime mininster.
The Bank of Korea raised its benchmark interest rates by 25 basis points hike to 3.25%. The Kospi rose 0.9% to close at 2,441.33 and the Korean won slightly strengthened against the U.S. dollar to 1,328.2.
The S&P/ASX 200 in Australia rose 0.14% to close at 7,241.8. The Nikkei 225 rose 0.95% to 28,383.09 and the Topix also rose 1.21% to 2,018.8.
In mainland China, the Shanghai Composite fell 0.25% 3,089.31 while the Shenzhen Component traded 0.147% lower to 10,956.68. Hong Kong's Hang Seng index rose 0.78% in its final hour of trade.
Overnight in the U.S., stocks closed higher for a second day on hopes the central bank is seeing progress in its tight to tackle high inflation. Markets stateside are closed on Thursday for the Thanksgiving holiday and will close early on Friday.
– CNBC's Carmen Reinicke and Sarah Min contributed to this report