Hang Seng index climbed 1.5%, the Shanghai Shenzhen CSI 300 gained 0.6%, the Shanghai Composite index added 0.4%, KOSPI slid 0.7%, S&P/ASX 200 dropped 0.7%, Straits Times Index shed 0.2%, while the broader TOPIX index dropped 0.6%

Asian shares were mixed on Wednesday ahead of the U.S. Federal Reserve’s policy decision later in the day, while Japanese stocks hovered near record highs after trade data showed the country’s deficit declined less than expected.

Regional indices closed slightly lower on Tuesday, while futures tied to them traded largely unchanged in early Asia hours on Wednesday.

Hang Seng index climbed 1.5% on Wednesday, remaining buoyed by tech sector gains.

Investors welcomed Hong Kong Chief Executive John Lee Ka-chiu’s policy address on Wednesday, focusing on economic revitalization and enhancing residents’ quality of life.

He reaffirmed the city’s 2025 growth forecast of 2% to 3% and emphasized the government’s commitment to improving housing, increasing workers’ wages, enhancing elderly care, and providing better prospects for youth.

The blue-chip Shanghai Shenzhen CSI 300 gained 0.6%, while the Shanghai Composite index added 0.4%, staying near decade high levels.

KOSPI slid 0.7% on Wednesday, declining after six straight sessions of record highs.

Elsewhere, S&P/ASX 200 dropped 0.7%, while Straits Times Index shed 0.2%.

Nifty 50 traded 0.3% higher at market open.

The Nikkei 225 was largely unchanged, holding just below record highs of 45,055.0 points reached on Tuesday.

The broader TOPIX index dropped 0.6%.

Meanwhile, the U.S. central bank is widely expected to deliver a 25-basis-point cut on Wednesday, its first this year, bringing the federal funds rate to 4.00%-4.25%.

Markets have largely priced in the move, but attention is centred on the central bank’s updated economic projections and Chair Jerome Powell’s remarks for clues on the pace and extent of further easing.

The focus will be on the new set of projections and also the individual votes, with Stephen Miran participating for the first time, ING analysts said in a note.