Asia stocks shaky ahead of Fed, yen hits 4-month low

FILE PHOTO: An electronic screen displaying Japan's Nikkei share average and stock prices is seen through a car in TokyoSYDNEY - Asian shares were hesitant on Wednesday on concerns the Federal Reserve could signal a slower path of rate cuts this year, while the yen plumbed a fresh four-month low on expectations that policy in Japan will remain accommodative for a while longer.

The dollar gained 0.2% to 151.16 yen, a fresh four-month high, and moved closer to the 152 level that prompted Japanese authorities to intervene to stem the currency's slide in late 2022. It slumped about 1.1% overnight. With BOJ out of the way, focus is now squarely on the Federal Reserve policy meeting outcome later in the day where the risk is the new economic projections - the dot plot - could signal just two interest rate cuts, down from three, or a later start to the policy easing.

Goldman Sachs expects the Fed would also debate about the level of neutral rate. The bank estimates the long-run neutral rate to be at the 3.25-3.5% range, higher than the widely thought 2-2.5%.

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