Asian markets closed mostly lower Tuesday, with Japan, South Korea and Australia ending down as investors held back ahead of a U.S. Federal Reserve policy-setting meeting that is expected to cut interest rates.
The two-day meeting kicks off later in the day and the Fed is widely expected to cut its target funds rate by at least 25 basis points to 4.5 percent, taking out further insurance against the
U.S. housing slump and credit market problems. At the September meeting, the Fed slashed interest rates by a bold 50 basis points, setting alight global stock markets.
The Nikkei 225 Average snapped a two-day winning streak, dragged 0.3 percent lower by Takeda Pharmaceutical after U.S. health authorities recommended it stop some trials of a key drug, while chip-related issues lost ground on weak September orders. But property stocks such as Mitsubishi Estate provided some support on earnings hopes.