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By Bloomberg

Asian stocks climbed toward a nine-month high, led by Hong Kong shares, and the dollar weakened before the Bank of Japan decides policy and the Federal Reserve releases minutes of its March meeting. Crude oil fell ahead of U.S. inventory data.

The MSCI Asia Pacific Index rose 0.7 percent by 11:28 a.m. in Tokyo as the Hang Seng Index advanced to an almost six-year high. Standard & Poor’s 500 Index futures slipped 0.1 percent after the gauge dropped in the last 30 minutes of U.S. trading. The Bloomberg Dollar Spot Index slipped 0.1 percent after its biggest back-to-back gain in four weeks. The yen was little changed at 120.18 to the greenback. Oil in New York fell for the first time in three days.

Hong Kong shares are surging after their Chinese peers extended a world-beating rally amid further indications of government support for the equity market. The Bank of Japan is expected to maintain its record stimulus Wednesday, while minutes of the Fed’s March meeting may offer insight on the timing of U.S. rate rises. Analysts project an increase in record U.S. crude stockpiles.

“The BOJ is nowhere near its inflation target, so there’s probably room for further easing,” Nader Naeimi, who helps manage about $118 billion as Sydney-based head of dynamic asset allocation at AMP Capital Investors Ltd., said by phone. “That will be a good surprise for the market. The Fed’s policy is data dependent and that’s going to cause more volatility going forward.”

October Bets

The Asia-Pacific stock gauge is heading for its highest close since June. All 10 industry groups have advanced this year, with the recent surge in oil helping a subindex of energy shares to reverse a first-quarter slump.

The Hang Seng Index jumped 2.1 percent, the most since September, and is trading at its highest level since May 2008. A gauge of Chinese companies listed in the city surged 3.6 percent, with none of the 40 member stocks retreating. Buying of Hong Kong shares by mainland investors via a link with the Shanghai bourse increased to a record.

The Shanghai Composite Index fluctuated after briefly rising to a level that was double its 2014 low. China needs strong support from the stock market as its economy faces relatively large pressure this year, the official Xinhua News Agency said in an article Tuesday.

Japan’s Topix index advanced a second day and was set for its highest close since March 25. The yen was 0.1 percent stronger after losing as much as 0.8 percent to 120.45 per dollar Tuesday, its weakest intraday level since March 20.

BOJ Easing?

The BOJ, which issues a statement on monetary policy in Tokyo, will probably expand stimulus by the end of October, according to 22 of 34 economists surveyed by Bloomberg. The BOJ is among a wave of central banks easing policy to stave off deflation and ignite growth. By contrast, the Fed has ended its bond-buying program and is pondering its first rate increase since 2006.

The S&P/ASX 100 Index climbed 0.4 percent in Sydney, while the Kospi index in Seoul was up 0.5 percent Wednesday.

The Bloomberg dollar gauge, which tracks the U.S. currency against 10 major peers, climbed 0.9 percent the past two days. The euro added 0.2 percent to $1.0833 following a 1 percent decline Tuesday.

West Texas Intermediate crude slipped 1.8 percent to $52.99 a barrel after surging almost 10 percent the past two days and settling at a 2015 high on Tuesday. Brent decreased 1.1 percent to $58.45 in London.

U.S. crude inventories probably rose by 3.25 million barrels through April 3 for a 13th week of gains, according to a Bloomberg survey before an Energy Information Administration report due Wednesday. Supplies increased by 12.2 million barrels, industry data showed Tuesday, according to a person familiar with the figures who asked not to be identified.

Royal Dutch Shell Plc is in talks to buy BG Group Plc in a deal to bolster its position in the global gas-export industry. BG confirmed the discussions in a statement late Tuesday, stating there was no certainty that an offer will ultimately be forthcoming.