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 move drove a broad slide in the yen on Tuesday, tumbling to a one-year low against the dollar and touching a 15-year low against the euro as investors had expected a bigger BOJ step towards ending years of massive monetary stimulus. The sharp drop in the yen prompted a fresh warning from Japan's top currency diplomat Masato Kanda that authorities were on standby to respond to recent"one-sided, sharp" moves in the currency.
"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.
"Chairman Powell will also argue that the lagged effects of past hikes have not fully impacted the economy and that patience is prudent."
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