Japan's Nikkei treads water as central bank meetings, tariff deadline loom
The Nikkei entered the midday break little changed at 40,682.14. Of the index's 225 components, 148 rose and 77 fell.
The broader Topix rose 0.35 per cent.
The Fed sets rates on Wednesday, and while policymakers are widely expected to stand pat, investors will be watching closely for signs that an interest rate cut may be on the way later this year.
Similarly, the BOJ is seen keeping policy steady on Thursday, but markets will search for clues on when the central bank is likely to resume rate hikes.
On Friday, most US trade partners that have not agreed deals with Washington will receive higher tariff rates.
"There are still a lot of uncertainties over tariffs, and that's going to limit the upside for stocks," said Maki Sawada, an equities strategist at Nomura Securities.
As a result, "there's no particular sense of direction" in Japanese stock trading currently, she said.
Airline ANA Holdings fell 3.8 per cent to be the Nikkei's biggest percentage decliner following its earnings report after the market closed on Tuesday.
Earnings also weighed on chip-testing equipment maker Advantest, which slipped 1.8 per cent.
Sumitomo Pharma surged nearly 16 per cent to be the biggest percentage gainer.
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