DHAKA: Asian shares have opened largely unchanged on Wednesday with investors cautious ahead of the Federal Reserve rate decision due later.

While the US central bank is expected to keep rates on hold, its statement is expected to give some direction as to when they will rise again.

The Fed last raised interest rates in December, the first change in nearly a decade, and has signalled it could do so twice more this year.

Japan’s Nikkei opened 1.1% higher, reports the BBC.

However other markets were lacklustre with Australia's ASX 200 share index up just 0.3% and South Korea's benchmark Kospi index flat.

Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said he expected an upbeat statement from the Federal Reserve later.

“The nervous Nellies have likely been reassured by both the improvement in the labour market, renewed consumption and the general resilience of the capital markets in light of the UK’s referendum.”

“Moreover, the markets seem unperturbed by the weakness of the Chinese yuan and China’s equity market losses. Last August, and as recently as January, China’s markets were a cause of much consternation among investors.”

BDST: 1227 HRS, JUL 27, 2016
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