Market Volatility Ahead of Fed Decision: Asian Stocks Mixed, Yen Rises

Asian stocks traded higher ahead of the Federal Reserve's decision, with the MSCI Asia Pacific Index rising around 1%. The yen strengthened after Japan's foreign exchange chief said he was prepared for intervention. Japanese stocks led the gains, while shares in Hong Kong and mainland China fluctuated. S&P 500 futures edged lower, and Treasury 10-year yields ticked marginally lower. Investors are awaiting the Fed's interest rate decision and the US government's new borrowing plan. The Bank of Japan announced unscheduled bond-purchase operations to curb yield gains, and the yen saw its biggest one-day drop since April. US consumer confidence dropped to a five-month low in October, while employment costs unexpectedly accelerated in Q3.