Asia markets climb ahead of Federal Reserve's rate decision; China loan prime rate data on tap

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets rose as investors digested the Bank of Japan's landmark shift in monetary policy and await the U.S. Federal Reserve's interest rate decision.

The BOJ on Tuesday raised interest rates for the first time in 17 years and scrapped its yield curve control policy, sending the Nikkei beyond the 40,000 mark for the first time in almost two weeks.

Investors are also focused on China, with the People's Bank of China set to release its one-year and five-year loan prime rates. The one year LPR acts as the peg for most household and corporate loans, while the five year LPR is the benchmark for most property mortgages.

In Australia, the S&P/ASX 200 rose 0.17%, a day after the country's central bank held rates at 4.35% for the third meeting in a row.

South Korea's Kospi climbed 1.12%, powered by a 1.37% gain in heavyweight Samsung Electronics, while the small-cap Kosdaq was up 0.34%.

Hong Kong's Hang Seng index also is poised for a stronger open, with HSI futures at 16,629 compared with the index's last close of 16,529.48.

Japan's Nikkei 225 is closed for a public holiday.

Overnight in the U.S., all three major indexes rose as as the Federal Reserve kicked off its two-day policy meeting.

The central bank is expected to keep rates unchanged Wednesday. However, a recent slate of worrying inflation reports has investors concerned that the central bank could signal interest rates will remain higher for longer than expected.

The Dow Jones Industrial Average gained 0.83%, marking its best day since Feb. 22, while the S&P 500 climbed 0.56% to close at 5,178.51 for a fresh record. The Nasdaq Composite advanced 0.39%.

— CNBC's Pia Singh and Brian Evans contributed to this