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Asian Shares Mixed Ahead of Fed

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Asian stocks were mixed before the Federal Open Market Committee concludes its 2-day policy meeting on Wednesday.

The Fed will probably maintain key interest rates at 0.25%, but investors will be looking for clues to the timing of reductions in monetary stimulus. The European Central Bank and Bank of England review policy on Thursday.

The Markit/JMMA Japan manufacturing Purchasing Managers' Index fell to 50.7 from June's 52.3, but remained above the 50 level -- the dividing line between growth and contraction -- for the fifth straight month.

China's ruling politburo pledged to stabilize growth while pursuing reform, the official Xinhua News Agency said on Tuesday after a meeting led by President Xi Jinping. China's Politburo would increase support for the real economy while promoting real estate development, the story said, giving property shares a boost.

Reserve Bank of Australia Governor Glenn Stevens said on Tuesday that inflation data may indicate there is room for cuts to benchmark borrowing costs.

The Nikkei ended down 1.45% at 13,668.32, the Hang Seng down 0.32% at 21,883.66 and Shanghai up 0.19% at 1,993.80.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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