Markets in Asia-Pacific fell on Wednesday as investors anticipate the Federal Reserve to give its summary on current economic conditions, also known as the Beige Book.
China's exports grew 7.1% in August from a year earlier, missing estimates of 12.8% forecasted in a Reuters poll, after growing 18% in July. The offshore Chinese yuan weakened further to 6.99.
The Nikkei 225 in Japan closed lower at 27,430.3 and the Topix at 1,915.65. In mainland China, the Shanghai Composite pared earlier losses trade slightly higher and the Shenzhen Component was up 0.41%. In South Korea, the Kospi closed lower at 2,376.46 and the S&P/ASX 200 in Australia was 1.42% lower at 6,729.3
The Hang Seng index was 0.93% lower in the final hour of trade and the Hang Seng Tech Index was down 1.29%.
U.S. bond yields surged overnight, with the 10-year U.S. Treasury yield jumping to its highest level since June. The rate on the 30-year Treasury closed at its highest level since 2014. Bond yields move inversely to prices.
The Japanese yen stood at 143.5 against the greenback, while the Korean won was 1,386.38.