Asia Markets: Asian markets tick higher with Fed meeting in focus

Asian shares were muted Tuesday, as investors held fire ahead of the U.S. Federal Reserve’s rates decision this week.

Japan’s Nikkei Stock Average NIK, +0.50% closed up 0.5%, moving into positive territory after spending much of the session flat. Australia’s S&P/ASX 200 XJO, -0.32% ended 0.3% lower, Korea’s Kospi SEU, +0.43% added 0.4%, and the Hang Seng Index in Hong Kong HSI, +0.06% closed up 0.1%.

Market “sentiment is not very strong at this moment in the lead-up to the FOMC meeting,” said Jingyi Pan, a market strategist at IG Markets.

The two-day Federal Open Market Committee meeting will kick off later Tuesday, when U.S.

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