Stocks in Asia gain, dollar sways as Fed minutes take centre stage

was 1.3% higher and set for a third straight day of gains for the year. The index fell 20% in 2022, its worst performance since 2008.

Minutes from the Fed's December meeting, when it cautioned rates may need to remain higher for longer, are due to be released later on Wednesday. Investors will parse the minutes to figure out whether more policy tightening is likely. "There are two camps out there and they are wrestling for dominance in terms of the view. Some days higher-for-longer wins some days higher-then-lower camp wins," Carnell said.

Markets, however, are pricing in rate cuts for late 2023, with fed fund futures implying a range of 4.25% to 4.5% by December.

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