By Daniel Inman
Asian stocks were little moved Wednesday ahead of the U.S.
Federal Reserve's policy statement later in the day, though a
weaker yen helped Japanese shares higher.
Investors stayed on the sidelines ahead of the Federal Reserve's
statement, waiting for an update on the direction of monetary
policy in the world's largest economy. The U.S. central bank is
expected to announce another $10 billion reduction in its
bond-buying program to $35 billion a month.
The Nikkei Average rose for the second consecutive day, and was
last up 0.4%, amid yen weakness. The dollar (USDJPY) rose 0.3%
overnight to cross the Yen102 mark, and was steady during Asian
trade at Yen102.15.
In Hong Kong, where the Hang Seng Index was flat, Chinese
property developers fell after signs of further weakness in China's
housing market. Average new home prices rose 5.4% from a year
earlier in May, compared with a 6.4% gain in April.
China Resources Land (CRBJF) fell 0.7% in Hong Kong, and
Evergrande Real Estate Group fell 1.8%.
In Australia, the S&P/ASX 200 lost 0.1% as resource
companies remained in focus.
Woodside Petroleum fell 3.7% in Sydney after the oil company
resumed trading following Royal Dutch Shell PLC's sale of a 9.5%
stake in the firm to institutional investors. That move weighed on
the broader market on Tuesday, as investors sold shares in other
companies to take part in the deal.
Also in Sydney, energy-minerals firm Aquila Resources Ltd.
surged 7.2% after the company recommended to shareholders that it
accept a takeover deal from China's Baosteel Group Corp. and
Aurizon Holdings Ltd.
Elsewhere in Asia, South Korea's Kospi was down 0.3%, the
Shanghai Composite fell 0.3%, and Singapore's Straits Times Index
lost less than 0.1%.
More MarketWatch news:
Asia Stocks blog: Fed ahead ('nuff said)
China shows its heft by sinking shipping deal
What should China buy with its $3.9 trillion reserves?
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