Asian stock markets were mixed on Wednesday as investors looked ahead to the Federal Reserve's policy decision.
Wall Street rose for a third session as higher inflation data helped offset concerns over Iraq. May's consumer price index jumped by a larger-than-expected 0.4 percent, with the report coming as the Federal Reserve kicked off its two-day policy review with a decision due later in the day.
"This [inflation data] should come as a relief to the Federal Reserve Committee as a pick-up in pricing power reflects a stronger economy. However, it may not be enough to prompt a better economic forecast later tonight judging from the IMF's forecast earlier this week, and the unexpected economic contraction in Q1," said Desmond Chua, market analyst at CMC Markets.
Meanwhile, Brent crude was steady above $113 a barrel after fighting in the Iraqi city of Baquba, located to the northeast of Baghdad, shut down the country's biggest oil refinery on Tuesday.