TOKYO — Asian markets were patchy on Tuesday in a sign of volatile trading ahead of US Federal Reserve and Bank of Japan policy meetings.
Japan's Nikkei 225 stock index fell 1.7% to 18,565.90 as the yen rose against the US dollar. Australia's S&P/ASX 200 fell 0.4% to 4,909.60 and Hong Kong's Hang Seng lost 0.2% to 21,274.37, while the Shanghai Composite fell 0.3% to 3,510.35. South Korea's Kospi was up 0.3% at 1,932.97.
The Stock Exchange of Thailand main index jumped 2.6% to 1,300.51.
The Jakarta composite index rose 0.8% to 4,374 and stocks in Singapore ended little changed, in line with Asian stocks.
Malaysia and the Philippines retreated amid net foreign selling of 218 million ringgit (US$50.70 million) and 446 million peso ($9.42 million), respectively, stock exchange data showed.
Vietnam hit a one-week closing high. The country released late in the day a better-than-expected trade balance for November.
The Federal Reserve's last meeting of the year begins on Tuesday, and it is expected to raise interest rates for the first time in almost a decade on Wednesday. The Fed's key short-term interest rate has been near zero since Dec 16, 2008. A rate hike would signal confidence in the US economy, but some investors worry it may slow growth.
With the Fed meeting nearing, "we think that markets may turn cautious though a rate hike is already being priced in,'' Mizuho Bank Ltd. said in its daily market report. "The element of surprise may come from the Fed's rhetoric."