SINGAPORE — Stocks in Japan were set to rise at the open as the International Monetary Fund (IMF) raised its growth forecast for the global economy this year.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,755 while its counterpart in Osaka was at 28,750. That compared against the Nikkei 225’s last close at 28,546.18.

Shares in Australia dipped in morning trade, with the S&P/ASX 200 declining about 0.1%. Australia’s fourth quarter consumer price index is expected to be out at around 8:30 a.m. HK/SIN on Wednesday.

In its latest World Economic Outlook published Tuesday, the IMF now expects the global economy to grow 5.5% this year. That’s a 0.3 percentage point increase from October’s forecasts.

“Much now depends on the outcome of this race between a mutating virus and vaccines to end the pandemic, and on the ability of policies to provide effective support until that happens,” the IMF’s Chief Economist Gita Gopinath said in a blog post.

Global coronavirus virus infections recently topped the 100 million mark, according to a tally from Johns Hopkins University. That comes as new and more contagious virus mutations circulate and send infection rates surging.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.171 following an earlier decline from levels above 90.4.

The Japanese yen traded at 103.61 per dollar, weaker than levels below 103.5 against the greenback seen last week. The Australian dollar changed hands at $0.7748 after rising from levels around $0.768 yesterday.

What’s on tap:

• Australia: Consumer price index for the fourth quarter at 8:30 a.m. HK/SIN
• China: Industrial profits for December at 9:30 a.m. HK/SIN

— CNBC’s Silvia Amaro and Sara Salinas contributed to this report.