Bank of Japan Governor Kazuo Ueda speaks at a ceremony to issue new yen banknotes at the Bank of Japan headquarters in Tokyo on July 3, 2024.
STER | AFP | Getty Images
Asia-Pacific markets were mixed on Wednesday as investors awaited the Bank of Japan's interest rate decision and business activity data from China.
Economists polled by Reuters expected the central bank to raise interest rates to 0.1%, but other analysts expected a deeper increase. The Bank of Japan's base interest rate is currently in the range of 0% to 0.1%.
If the bank raises interest rates, it will mark for the first time since 2010 The base interest rate is stable at 0.1% or higher.
Australia's second-quarter inflation data has also become the focus of attention, providing clues to the Reserve Bank of Australia's next monetary policy meeting on August 6 to take action.
Overnight in the United States, the S&P 500 was lower on losses in large technology stocks as investors awaited quarterly reports from such stocks. Traders are also turning their attention to Washington as the Federal Reserve begins its latest policy meeting.
Nvidia shares fell 7%, and Microsoft shares fell about 0.9%. Tech-related giants Amazon, Netflix and Meta Platform also fell.
The broader market index fell 0.5%, and the Nasdaq fell 1.28%. In comparison, the Dow Jones Industrial Average rose 0.5%.
—CNBC’s Pia Singh and Yun Li contributed to this report.