Ahead of the Fed's important rate decision, Japan's stock market rises about 2%, pacing Asia's advance.

As investors awaited the latest information on the U.S. Federal Reserve's rate hike decision, Asia-Pacific markets climbed on Wednesday. The Fed is attempting to balance its inflation fight and stem a banking crisis.

The Nikkei 225 in Japan led regional advances, rising 1.93 percent to close at 27,466. The Topix rose 1.74 percent to close at 1,962.93.

The Hang Seng index in Hong Kong jumped 1.76 percent, while the Hang ....