Asian shares declined as Japanese equities snapped a seven-day rally and investors awaited a decision from the U.S. Federal Reserve meeting.
The MSCI AC Asia Pacific Index fell 0.1 percent as of 10:42 a.m. in Hong Kong, led by consumer goods and utilities stocks. Japan's benchmark Topix index was the biggest decliner in the region as more than 1,000 stocks traded ex-dividend. The Hang Seng Index rose 1.2 percent following a Tuesday holiday, while the Shanghai Composite Index gained 1 percent as MSCI considers lifting China's weighting and adding ChiNext shares.
Traders are waiting for a decision from the Fed that will likely see interest rates increased and feature fresh projections for the next few years. A Bloomberg survey suggests the Fed will continue its quarterly 25-basis-point increases straight through to June 2019.
Taiwan's Taiex index little changed, South Korea’s Kospi index up 0.7%; Kospi 200 up 0.6%, Australia's S&P/ASX 200 up 0.1%; New Zealand's S&P/NZX 50 down 0.1%.
Singapore's Straits Times Index up 0.4%; Malaysia's KLCI up 0.1%; Philippine Stock Exchange down 0.6%; Jakarta Composite +0.4%.