Asian Stocks Outside Japan Rise Before U.S. Fed Meeting

Asian stocks rose, with a regional index that excludes Japanese shares heading for its highest close in 16 months, ahead of a Federal Reserve policy meeting and as investors await progress on U.S. budget talks.

BHP Billiton Ltd., the world’s biggest mining company, added 1.3 percent in Sydney after metal prices rose. STX Offshore & Shipbuilding Co. jumped 7.2 percent in Seoul after a report the shipbuilder’s parent was to selling a unit that makes offshore vessels. Kansai Electric Power Co. led Japanese utilities lower after regulators said an active earthquake fault may be running under a nuclear reactor.