Asian shares were trading mixed Wednesday as markets focused on prospects for the U.S. Federal Reserve's first cut to interest rates in more than four years.
The Bank of Japan and the Bank of England are also holding monetary policy meetings later this week. But neither central bank is expected to move on rates, although the language of what the officials say could be an indicator of later moves and still influence markets.
Japan's Nikkei 225 gained 0.2% in afternoon trading to 36,269.04. Australia's S&P/ASX 200 inched down nearly 0.1% to 8,134.40. South Korea's Kospi added 0.1% to 8,134.40. Trading was closed in Hong Kong for a national holiday. The Shanghai Composite index edged 0.1% lower to 2,701.15.
The Fed's announcement is scheduled for Wednesday, with the overwhelming expectation on Wall Street for a cut to the federal funds rate. The rate has been in a range of 5.25% to 5.50% for over a year.
Lower rates would help boost the slowing economy, as it has become increasingly more expensive to borrow money for everything from houses to cars to corporate debt.
