Mumbai, Jan. 14 -- Asian stocks advanced on Wednesday, with Fed rate cut expectations and reports of an imminent snap election in Japan helping underpin investor sentiment.

Traders awaited a possible U.S. Supreme Court ruling on President Donald Trump's emergency tariffs, with speculators assigning a 73 percent chance that the apex court will declare Trump's tariffs illegal.

U.S. Treasury Secretary Scott Bessent assured the department has sufficient funds to pay any potential tariff refunds.

Trump said in his Truth Social post earlier this week that the financial exposure would go beyond tariff revenues already collected.

The dollar index consolidated in a tiny range in Asian trade and gold surged more than 1 percent to scale a new re...