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TOKYO -- Japanese shares rebounded Wednesday after heavy losses the day before, but gains were modest with investors cautious ahead of the outcome of the Federal Reserve's two-day policy meeting.The benchmark Nikkei 225 stock average rose 40.71 points, or 0.4 percent, to 9,590.32 after falling nearly three percent Tuesday amid a World Bank forecast for a deeper global recession this year.

The broader Topix index edged up 0.1 percent to 902.46.Article Controlsemailreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterrss"The mood in the market is cautious as investors stayed on the sidelines ahead of the result of the Fed's meeting," said Masatoshi Sato, a market analyst at Mizuho Investors Securities Co.

Ltd.The Fed is widely expected to keep its key interest rate near zero at the meeting, which ends on Wednesday.

Investors are unsure how optimistic the U.S.

central bank's policymakers will be in their economic assessment, and whether the Fed will consider raising rates later this year to curb inflation."Investors await the Fed's statement for new clues on the U.S.

economy," Sato said.Stock gains were also limited as investors were disappointed by Japan's May trade data, which showed a 40.9 percent drop in exports.

Japanese exports to the U.S., the world's largest economy, plunged 45.4 percent in May, marking the 21st straight monthly decline, the finance ministry said.Read All Comments"The latest export data showed global demand remained very weak, and investors are feeling pessimistic over a recovery in exports this year," said Sato.Toyota Motor Corp.

( TM - news - people ), the world's largest automaker, rose 0.8 percent to 3,620 yen, while Honda Motor Co.

( HMC - news - people ) gained 0.4 percent to 2,565 yen.Sony Corp.

( SNE - news - people ) was unchanged at 2,465 yen.

Panasonic Corp.

increased 1.8 percent to 1,290 yen.In currencies, the dollar was trading at 95.47 yen in Tokyo Wednesday afternoon from 95.26 yen in New York late Tuesday.

The euro rose to $1.4121 from $1.4066.Copyright 2009 Associated Press.

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