Asian stocks: Japan, Australia dip as Fed meeting looms

Investing.com-- Japanese and Australian stocks fell on Wednesday, leading losses across Asia as fears of higher-for-longer U.S. interest rates grew before the conclusion of a Federal Reserve meeting later in the day.

Risk appetite was decidedly negative following steep overnight losses on Wall Street, as more signs of sticky U.S. inflation weighed. U.S. stock futures fell in Asian trade.also kept investors wary of Japanese markets. The currency had rebounded sharply from 34-year lows on Monday, in what was likely seen as government intervention.But the yen weakened on Tuesday, moving back towards lows hit in April. This kept traders on edge over any more potential intervention by the government.

Rabobank analysts said they now expected two more rate hikes from the RBA, after inflation read higher-than-expected for the first quarter.and is expected to keep rates on hold, at least for now. But the bank could ramp up its hawkish messaging.But Fed Chair Jerome Powell could potentially offer up a more hawkish stance, especially after a string of hotter-than-expected inflation readings in recent months.

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