Stocks in Asia sank and bond yields were elevated on Wednesday, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve later in the day.
The Fed headlines a week in which more than a dozen central banks announce policy decisions, including the Bank of Japan and Bank of England on Thursday.
Markets are "seemingly well positioned for a 75bps hike alongside a hawkish update" from the Fed, Taylor Nugent, a markets economist at National Australia Bank in Sydney, wrote in a client note. The U.S. dollar index , which measures the currency against six major peers, edged a little higher to 110.22, grinding back toward this month's 20-year high of 110.79.
This week, the BOJ is set to cement its position as the lone dove among the central banks of advanced economies by sticking to its ultra-accomodative policy that pins the 10-year Japanese government bond yield near 0%.
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