Nikkei 225, Kospi, Hang Seng Index

South Korea’s Kospi led gains in Asia on Wednesday as investors weighed Japan’s trade data and awaited the US Federal Reserve’s interest rate decision.

Markets expect the Fed keep interest rates steady to 3.5% to 3.75% on Wednesday stateside.

U Kospi gained more than 5%, closing at 5,925.03, while the small-cap Kosdaq was up 2.41% at 1,164.38. A five-minute trading halt was triggered after Kospi 200 futures rose 5%, according to an official note.

South Korean President Lee Jae Myung on Wednesday called for capital market reforms to eliminate the “Korea discount” and achieve a “Korea premium”, targeting government failures, weak transparency and structural distortion, local media reported.

At a policy meeting, Lee Eog-weon, head of the Financial Services Commission, also said the government would use the current market volatility as a chance to push through bold reforms and strengthen fundamentals. Planned measures include speeding up the elimination of weak companies, strengthening rules to curb duplicate listings and revitalizing Kosdaq and Konex.

Index heavyweights Samsung Electronics and SK Hynix rose 7.5% and nearly 9%, respectively. Samsung’s gains also come as its unionized workers in South Korea voted to approve a strikeescalating a dispute over bonuses and increasing the risk of disruptions at the world’s largest memory chipmaker.

of Japan Nikkei 225 jumped 2.87% to 55,239.4 while the Topix added 2.49% to close at 3,717.41 after the country said exports climbed 4.2% from a year ago in February, beating estimates.

Economists polled by Reuters had expected growth of 1.6%. Exports jumped 16.8% in the previous month.

Australia S&P/ASX 200 gained 0.31% to end the trading day at 8,640.6.

Hong Kong Hang Seng Index rose 0.68%, while the CSI 300 rose 0.45% to 4,658.33.

The war in the Middle East continues to escalate, keeping investors on edge. A new wave of attacks on the UAE’s energy infrastructure has raised fears of prolonged supply disruptions amid the Iran war.

The incidents followed a drone strike on the world’s largest ultra-acid gas development, a fire in the UAE’s Fujairah Oil Industry Zone, and damage to a tanker near the strategic Strait of Hormuz.

US stock futures were trading near the flat line ahead of the Fed’s policy decision. Futures linked to the Dow Jones Industrial Average lost 37 points, or 0.07%. S&P 500 Futures decreased 0.07%, while Nasdaq 100 futures fell 0.02%.

The night in the United States, the S&P 500 rose as Wall Street built on the momentum seen in the previous session amid developments in the Iranian war.

The general market index closed up 0.25% at 6,716.09, and the Nasdaq Composite rose 0.47% to end at 22,479.53. U Dow Jones Industrial Average added 46.85 points, or 0.1%, to finish at 46,993.26.

— CNBC’s Lim Hui Jie, Sean Conlon and Pia Singh contributed to the report.