Asian markets were mixed yesterday on a second straight day of cautious trading before a much-anticipated meeting of the U.S. Federal Reserve later in the day.
The main impetus for regional markets was a jump on the Dow in New York after a US think-tank revealed that the world's biggest economy exited recession more than a year ago.
Tokyo, which was closed Monday for a public holiday, ended 0.25 percent, or 23.98 points, lower at 9,602.11 and Sydney edged down 0.30 percent, or 13.8 points, to 4,617.3.
Shanghai slipped 0.27 percent as dealers trimmed their positions ahead of a three-day public holiday.
But Hong Kong added 0.12 percent by the break to pass the 22,000 mark for the first time since April 15. Singapore gained 0.14 percent.
Traders were looking to the Fed policy meeting, which although expected to see interest rates kept at super-low levels will give an insight into the state of the U.S. economy.
Many bet the Fed is unlikely to take more easing measures until the United States unveils negative data. Such easing measures would pressure the dollar.
"We suspect it will take further clear deterioration in U.S. economic data for the Fed to consider additional quantitative easing measures," Mike Jones, currency strategist at the Bank of New Zealand, told Dow Jones Newswires.
"As such, there is unlikely to be much change in the Fed's language. If we're right, a mild bounce in U.S. bond yields and the U.S. dollar could be in the offing," he said.
Currency markets were also relatively quiet ahead of Tuesday's meeting.
The dollar stood at 85.55 yen in Tokyo morning trade, from 85.70 yen in New York Monday.
The greenback has held its ground in the 85-yen range since soaring against the Japanese unit last week after Tokyo intervened in the foreign exchange markets for the first time since 2004.
