Japan Stocks Edge Up As Investors Await Fed

Nonferrous metals issues climbed after gold prices surged to a new high Tuesday on news that India's central bank bought $6.7 billion worth of gold from the International Monetary Fund. December gold jumped as high as $1,087, before settling up 2.9 percent at $1,084.90 an ounce in New York.

Sumitomo Metal Mining Co. jumped 2.6 percent to 1,476 yen.

Shares of Fast Retailing Co. soared 4.4 percent to 15,790 yen. The company, which posted robust growth throughout the recession, said October sales at stores of its flagship Uniqlo chain that were open at least a year rose more than 35 percent from the previous year.

Among the day's losers, semiconductor stocks tracked their American counterparts lower after Morgan Stanley downgraded the U.S. chip sector to "cautious" from "attractive," saying their recent advance was on its last legs.

Advantest Corp., maker of chip testers, fell 1.3 percent to 1,971 yen, while chip equipment producer Tokyo Electron Ltd. sank 5.1 percent to 4,850 yen.

In currencies, the dollar was trading at 90.46 yen from 90.30 yen late Tuesday. The euro stood at $1.4748 from $1.4717.

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