Asian stocks stutter ahead of Fed, frail yen in focus

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.13 per cent lower, starting November in a sombre mood after clocking three straight months of losses. Japan's Nikkei was 2 per cent higher.China's factory activity unexpectedly contracted in October, a private survey showed on Wednesday, adding to a downbeat official manufacturing survey the previous day and raising questions over the country's fragile economic recovery at the start of the fourth quarter.

"The market has seen the tweak to a flexible regime as clear dovish development," said Chris Weston, head of research at Pepperstone. The yen strengthened 0.27 per cent to 151.26 per dollar following the comments but remained close to one-year lows of 151.74 it touched on Tuesday. Traders will scrutinize what Fed Chair Jerome Powell says in his post-policy meeting comments to gauge the path of interest rates and how long rates will stay elevated.

Treasury yields remained elevated, with the yield on 10-year Treasury notes up 5.4 basis points at 4.929 per cent. The yield on the 30-year Treasury bond was up 6.6 basis points to 5.090 per cent.

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