Asian markets rose Wednesday amid speculation that the U.S. Fed will announce monetary easing measures to rejuvenate the economy.

Japan's Nikkei Stock Average advanced 0.77 percent or 66.28 points to 8,722.15. Among major gainers were Daiwa Securities Group Inc (3.76 percent), Nomura Holdings Inc (2.2 percent) and Mazda Motor Corp (0.96 percent). Exporters made gains with the euro strengthening against the Japanese yen. Shares of Sony Corp rose 2.72 percent and shares of Fujitsu Ltd climbed 1.64 percent.

South Korea's KOSPI Composite Index rose 0.33 percent or 6.33 points to 1,898.10.

The Chinese Shanghai Composite Index marginally fell 0.13 percent or 2.91 points to 2,297.98. Hong Kong's Hang Seng rose 0.41 percent or 80.25 points to 19,496.92. Major gainers were Aluminum Corp of China Ltd (2.41 percent), HSBC Holdings Plc (2.32 percent) and Jiangxi Copper Co (1.57 percent).

India's BSE Sensex marginally rose 0.1 percent or 17.27 points to 16,877.07. Major gainers were Coal India Ltd (1.39 percent), Tata Motors (1.34 percent) and HCL Technologies (1.01 percent). The governor of Reserve Bank of India defended the decision to not cut rates by arguing that inflation remains too high. He commented that there was need to put more pressure on the government to rein in inflationary pressure through spending cuts and accelerate its policy reforms.

There is growing speculation among market players about the Fed action to boost financial conditions in the wake of the faltering U.S. economy. Federal Open Market Committee (FOMC) policy decision Wednesday will provide an answer to these speculations. Investors expect that with disappointing retail sales, industrial production and consumer confidence, the Fed will announce more quantitative easing measures to regain the economic growth momentum.

Market attention is focused on the formation of the Greek government following weekend elections. Negotiations are going on between the main Greek parties to form a coalition government, raising investor confidence.

Market sentiment turned positive as the borrowing costs of Spain have eased with the 10-year Spanish government bond yields falling below 7 percent.