The broader all-share index also gained 50 points, or 1 percent, to settle at 4,886.48, on a value turnover of P8.1 billion.
In Europe, Germany's DAX was down 0.1 percent at 12,552 while the CAC 40 in France was steady at 5,240.
The Nikkei average edged up 11.08 points or 0.05 percent to 20,310.46 after rising to a more than two-year high the previous day.
"It seems the market is holding its breath and waiting for what the Fed has to say regarding the economy and any future interest rate hikes", said Ryan Detrick, senior market strategist for LPL Financial.
The Canadian central bank hiked interest rates this month and left the door open for more tightening, while a BoE policymaker hinted last week that it might need to raise rates in the coming months.
There was little follow-through from US President Donald Trump's bellicose rhetoric over North Korea on Tuesday. Washington's ambassador to the United Nations, Nikki Haley, said Sunday that North Korea will be destroyed if it continues with reckless behavior.
Traders noted that the Japanese market should be supported by expectations for a snap election that is expected on October 22, but has not been formally called. Since December 2015, the Fed has modestly raised the rate four times. Central banks are also due to hold policy meetings in Japan, Taiwan, Philippines and Indonesia.
WORLD ECONOMY: The Organisation for Economic Co-operation and Development maintained its global growth forecast for this year at 3.5 percent and next year's but lifted next year's to 3.7 percent.
Fed funds futures are now pricing in a almost 61% chance of a 25-basis-point increase at the December meeting, putting the federal funds rate at 1.25% to 1.5%. Japanese markets were closed for a holiday.
Stocks rallied for a fifth day, sending the benchmark index Monday to a new all-time high near 8,300 points, following a record-breaking Wall Street session amid optimism the U.S. will pursue a peaceful resolution to North Korea's nuclear threats.
The dollar rose to a high of $1.1911 against the Euro Monday, but has since eased back to around $1.1950. At the close on Tuesday, the futures markets implied traders saw a 58.3 percent chance of a rate increase at year-end, according to the CME FedWatch tool.
US crude oil prices slipped below $50 per barrel but stayed close to multi-month highs as refineries in Texas continued to restart after Hurricane Harvey. Brent crude, used to price worldwide oils, gained 14 cents to $56.15 a barrel in London. It added 15 cents on Friday.