[TOKYO] Asian shares slipped from six-month highs on Wednesday as investors took profits ahead of a policy decision by the US Federal Reserve which is expected to shed more light on its interest rate plans for the rest of the year.
"China is eager to come to an agreement so I'm not too worried. As long as they are holding meetings, many things will work out," said Wang Shenshen, strategist at Tokai Tokyo Research Centre. The Fed is widely expected keep rates steady later in the day, putting the main market focus on its policymakers' rate projections for the next few years.
The Fed is also expected to lay out a plan to stop shrinking its US$4 trillion balance sheet, or so-called quantitative tightening. Many policy makers have suggested the Fed is likely to conclude the process and stabilise its bond holdings by the end of this year. The dollar's index against a basket of six major currencies hit 2 1/2-week low of 96.288 on Tuesday and last stood at 96.465.The dollar fetched 111.61 yen, up slightly on the day but below Friday's nine-day high of 111.90.
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