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Asian stocks trade mixed, Japan’s Nikkei leads gains ahead of Fed rate decision

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Asian stock markets trade in a flat-to-low range on Wednesday as investors turn to a cautious mood ahead of the Federal Open Market Committee (FOMC) policy meeting on Wednesday.

Most Asian equities trade on a flat note ahead of the Federal Open Market Committee meeting. The downbeat China's Caixin Manufacturing PMI added worries about sluggish economic conditions in China. Japan’s Nikkei leads gains after the Japanese top currency diplomat came out with verbal intervention. The FOMC rate decision will be closely watched event by market players. Japan’s Nikkei leads gains after Japanese authorities came out with verbal intervention on one-sided and sharp FX moves.

6, below the market consensus of a 50.8 rise. The weaker-than-expected Chinese data adds doubt to recent optimism for a recovery in the world's second-largest economy. In Japan, the final Jibun Bank PMI shrank in the contraction zone for a fifth straight month in October by arriving at 48.7. Furthermore, the significant drop in the Japanese Yen after the Bank of Japan's rate decision on Tuesday sparked a warning from Japanese authorities.

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