Stocks in Asia Pacific were mixed in Wednesday morning trade as investors await the U.S. Federal Reserve’s interest rate decision.

In South Korea, the Kospi was fractionally higher in early trade. The S&P/ASX 200 in Australia advanced 0.23%.

Japanese stocks lagged regionally, with the Nikkei 225 slipping 0.6% while the Topix index declined 0.88%. Shares of Japanese automaker Nissan Motor plummeted more than 6% after the company on Tuesday forecast a 470 billion yen loss for the fiscal year 2020.

Overall, the MSCI Asia ex-Japan index traded about 0.1% higher.

Investor focus will likely be on the upcoming rate decision by the Fed, expected to be out sometime on Wednesday stateside.

“The (Federal Open Market Committee) will be the firm focus of market participants over the next 24 hours,” Kim Mundy, an economist at Commonwealth Bank of Australia, wrote in a note.

“We expect that the FOMC will remain dovish and acknowledge that the US economic outlook has deteriorated since the 11 June meeting,” Mundy said. “Since 11 June, there have been more than 2 million new coronavirus cases in the US.  This has slowed re‑opening efforts in some US states and as a result, increased the uncertainty around the pace of the US economic recovery.”

On the economic data front, Australia’s Consumer Price Index for the second quarter is expected to be released at around 9:30 a.m. HK/SIN on Wednesday.

Overnight stateside, the Dow Jones Industrial Average fell 205.49 points lower to close at 26,379.28. The Nasdaq Composite dropped 1.3% to end its trading day at 10,402.09 while the S&P 500 dipped 0.6% to close at 3,218.44.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.74 — above levels around 93.6 seen earlier.

 The Japanese yen traded at 104.96 per dollar after strengthening from levels around 105.60 against the greenback yesterday. The Australian dollar changed hands at $0.7169 following its rise from levels around $0.71 early in the trading week.

Oil prices edged higher in the morning of Asian trading hours, with international benchmark Brent crude futures up 0.58% to $43.47 per barrel. U.S. crude futures also added 0.44% to $41.22 per barrel.

Here’s a look at what’s on tap:

• Australia: Consumer Price Index for second quarter at 9:30 a.m. HK/SIN