SINGAPORE, April 30 (Reuters) - Asian stocks inched

higher on Tuesday as investors awaited a slew of economic data,

corporate earnings and the U.S. Federal Reserve's policy

meeting, while the yen was slightly weaker a day after suspected

intervention rescued it from 34-year lows.

MSCI's broadest index of Asia-Pacific shares outside Japan

was 0.36% higher, set to clock in a nearly 1%

gain for the month, its third straight month of gains. Nikkei

rose 1% as Japan reopened after a holiday on Monday.

China stocks were mixed in early trading with the blue-chip

index easing 0.07%, while Hong Kong's Hang Seng index

was up 0.5%.

This week's data releases include European inflation and

U.S. labour market reports, while the Fed is due to convene on

Tuesday for its two-day meeting at which it is expected to stand

pat on interest rates but strike a hawkish tone.

The spotlight remains on the yen after a volatile start to

the week as the Japanese currency surged to 154.40 per dollar on

Monday from a fresh 34-year low of 160.245, with traders citing

yen-buying intervention by authorities.

Markets had been anticipating that Japan might intervene to

prop up the yen after the currency fell more than 10% against

the dollar this year.

On Tuesday, the yen weakened 0.38% to 156.92 per

dollar in early trading.

Japan's top currency diplomat Masato Kanda said on Tuesday

that authorities were ready to deal with foreign exchange

matters "24 hours", while declining again to comment on whether

the finance ministry had intervened to prop up the yen a day

earlier.

"Whether it's London, New York or Wellington (hours), it

doesn't make a difference," the vice finance minister for

international affairs told reporters.

Vasu Menon, managing director of investment strategy at

OCBC, said intervention alone cannot alter the wide gulf in

interest rates that's in part driving the yen's decline.

The yen has been under pressure as U.S. interest rates have

climbed and Japan's have stayed near zero, driving cash out of

yen and into higher-yielding assets.

"A lot now hinges on the outcome of the Fed policy meeting

this week," said Menon.

"Markets will be waiting with bated breath to see if the Fed

turns more hawkish, which will support the U.S. dollar and

undermine the appeal of the yen. If the Fed does not sound as

hawkish as markets fear, this could help the yen to strengthen."

Investors have continually had to dial back expectations for

the timing and magnitude of U.S. rate cuts this year after

hotter-than-expected inflation reports, with markets pricing in

a 57% chance of a rate cut in September, CME FedWatch Tool

showed.

Traders are now pricing in 35 basis points of cuts in 2024,

drastically lower than the 150 bps of easing priced at the start

of the year.

The shifting expectations on U.S. rates have lifted Treasury

yields and the dollar, dominating the currency market. Against a

basket of currencies, the dollar was little changed at

105.73. The index is up over 1% in April and over 4% for the

year.

Meanwhile, earnings season heats up this week with high

profile results from Amazon.com ( AMZN ) and Apple ( AAPL ).

Overnight, U.S. stocks ended higher, led by sharp gains in

Tesla shares after the electric vehicle maker made

progress in securing regulatory approval to launch its advanced

driver-assistance program in China.

U.S. crude fell 0.18% to $82.48 per barrel and Brent

was at $88.31, down 0.1% on the day.

Spot gold was flat at $2,334.79 per ounce.