Asian markets experienced fluctuations on Wednesday as traders awaited the US Federal Reserve’s decision on interest rates and assessed economic data from Japan.
Japan’s Ministry of Finance reported that the country’s imports and exports rose 2.3% and 5.6% in August, compared with the year prior. This data missed the Reuters poll estimates of 13.4% and 10% growth. The country’s private sector machinery orders also missed investor expectations, declining 0.1% om July, according to data from the Cabinet Office.
As a result, Japan’s Nikkei 225 rose 0.22%, while the broad-based Topix was down 0.06%. The stock markets in Shanghai and Singapore saw gains, while those in Sydney, Wellington, and Taipei fell. Manila remained flat, and Hong Kong and Seoul were closed for holidays.
In the US, Wall Street saw a muted trading day on Tuesday, as investors awaited the Fed’s decision and Chair Jerome Powell’s statement later on Wednesday.
Overnight in the U.S., the S&P 500 achieved an intraday record before closing below session highs at 5,634.58. The Dow Jones Industrial Average also touched a fresh record, later falling 0.04% to close at 41,606.18. The Nasdaq Composite added 0.2% to 17,628.06.
The Bank of Japan is set to announce its policy decision on Friday. The bank is widely expected to maintain its current stance after two rate hikes this year, the first in 17 years.
