SINGAPORE - Asian stocks inched lower on Wednesday ahead of a keenly-awaited policy decision from the Federal Reserve later in the day, while the yen was stuck near one-year lows against the dollar, keeping markets on edge for possible intervention by Tokyo.
"The market has seen the tweak to a flexible regime as clear dovish development," said Chris Weston, head of research at Pepperstone. ING economists said the market will likely further test levels above the 150 region now that it has been breached with no official response."The next critical level could be 152 in the short-term, but could go beyond that depending on U.S. data outcomes and FOMC decisions."Overnight, Wall Street's main indexes ended higher, with investors looking ahead to the Fed policy decision later in the day, when the central bank is expected to stand pat on interest rates.
Treasury yields remained elevated, with the yield on 10-year Treasury notes up 5.4 basis points at 4.929%. The yield on the 30-year Treasury bond was up 6.6 basis points to 5.090%. Steve Ballmer joined Microsoft in 1980 as Bill Gates' assistant, became CEO in 2000, and retired in 2014 with a 4% stake that's worth a fortune today.
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